Learning English - Words in the News
06 February, 2009 - Published 14:10 GMT
Toyota triples year loss forecast
Toyota says it expects a $4.9bn operating loss by the end of the financial year. The Japanese car manufacturer lost $4bn between October and December alone and said the industry was suffering a "greater than expected contraction". Roland Buerk reports:
Toyota is now the world's largest car maker, but only because sales at its great rival General Motors have plunged even more quickly.
The Japanese company is now forecasting an operating loss of 4.9 billion dollars by the end of the financial year.
The announcement came as Toyota posted quarterly results showing it made an operating loss of four billion dollars in October to December alone. It's the first time in its seventy year history it's gone into the red and comes after years of record profits.
Japan's exporters are being hit hard by the global economic downturn, and in recent days a string of big name companies have made grim results announcements. Demand is falling around the world for their electronics, machinery and cars. Japanese companies are being hurt further by the strength of the yen, which makes them less competitive and erodes the value of their earnings abroad.
Roland Buerk, BBC News, Tokyo
posted quarterly results
made an operating loss
gone into the red
Demand is falling
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