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Autos

BRIEFLY

August 27, 1992|From Times Staff and Wire Reports

Toyota's Profit Plunges: Japan's largest car maker reported a 63.1% drop in operating profit for its latest financial year, citing weak demand for cars and a strong Japanese yen. Toyota Motor Corp. said operating profit tumbled to $1 billion for the year ended June 30, while current profit slumped 34.6% to $3.03 billion. In Japan, operating profit is pretax, includes special profits and losses, and is considered the best indicator of business health. Current profit is also pretax but includes gains and losses on investments in stocks and bonds and other non-operating activities. Analysts said the drop in earnings was expected.

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