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The operating loss at Toyota Motor, the world's No. 1 carmaker, for the year to March 31 is likely to grow bigger than the company's latest forecast of 150 billion yen, a company source said on Friday.
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Shares of Toyota fell nearly 4 percent on the news, which came a little over a month after the automaker cut its outlook and warned of a first-ever annual operating loss amid a relentless sales slide and a crippling rise in the yen.
The Nikkei business daily, in an unsourced report, said Toyota was likely to post a 400 billion yen ($4.46 billion) operating loss for the year to March.
Sales are also expected to undershoot its previous forecast of 21.5 trillion yen ($239.8 billion), which would have represented an 18 percent fall for the year, the Nikkei said.
Automakers around the world face their toughest business environment in decades, caught by a sharp reversal of demand as credit tightens and consumer confidence wanes.
Like its smaller rivals, Toyota has idled factories, slowed assembly lines and delayed manufacturing projects in key markets like the United States, where its sales fell 37 percent in December.
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Toyota [TM
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], which is scheduled to report third-quarter earnings on Feb. 6, said the media reports were not something it had announced.
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