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Toyota and Honda to see further fall in April-June profits

May 12/2011

(ICIS) -- Toyota Motor and other major Japanese automakers are expected to post a further decline in their financial performance in the second quarter of this year after a slump in production and profits during the first three months of 2011, analysts said on Thursday.

The twin natural disasters that struck northeast Japan on 11 March paralysed auto parts supply chains, triggering production shutdowns and delays as well as cancellation of orders. The operations of 40 auto parts manufacturers in Japan have been jeopardised by plant outages and power shortages following the earthquake, said a report by Zacks Equity Research.

The automobile industry is a large end-market for materials, such as polypropylene (PP), nylon, acrylonitrile-butadiene-styrene (ABS), polyurethane (PU) flexible foam, synthetic rubber as well as paintings and coatings.

Toyota, the worlds biggest automaker, said on 11 May that its net income for the first quarter of this year slumped to yen (Y) 25.4bn (USD 314m), compared with the Y112.2bn gain in the same period a year earlier. Sales during the period fell 12% year on year to Y4,642bn.

Meanwhile, Honda Motor posted a 27.6% year-on-year fall in net income during the first quarter of 2011 to Y44.5bn, while sales plunged 66.4% to Y2,213bn.

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