Toyota sees 35 percent profit slump after earthquake

The annual guidance compares with a consensus of a 434 billion yen operating profit based on the average of 23 forecasts by analysts polled by Thomson Reuters I/B/E/S. Operating profit in the year to March 2011 was 468.3 billion yen.

The 9.0 magnitude earthquake that rocked northeastern Japan on March 11 forced Toyota and other Japanese automakers to cut output at home and abroad as they struggled to secure vital parts. The ensuing nuclear disaster and power shortages have compounded problems.

The world's biggest automaker said on May 11 that the earthquake has contributed to a 52 percent fall in profit during the January-March quarter, but the company delayed unveiling the annual forecasts as it weighed the impact of the disaster on consumption and its supply chain.

The massive disruption to production, will likely mean Toyota will fall behind General Motors Co and possibly Volkswagen AG to rank third in global vehicle sales this year.

The world's biggest automaker cut its group-based global vehicle sales forecast for the 2011/12 business year to 7.24 million units from 7.3 million. The figures include sales at truck maker Hino Motors Ltd. and compact car maker Daihatsu Motor Co..

Toyota Motor Corp. said on Friday it now expects the dollar to average 82 yen in the current financial year to next March 31, against an averaged currency rate of a 86 yen-per-dollar last year

Toyota's shares have fallen 7.5 percent since the disaster, underperforming the benchmark Nikkei 225 average which lost 6.5 percent. Its shares on Friday rose 0.9 percent to close at 3,300 before the company released the profit forecast.

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