Falling vehicle sales, rising costs and foreign exchange rate losses pushed profits lower at Toyota Motor Corp. in the latest quarter, even though the slowdown wasn’t enough to derail the carmaker from achieving a third year of record earnings.Toyota notched across-the-board records in revenue, net income and operating profit in the full fiscal year ended March 31.
But President Akio Toyoda also warned that profits will tumble sharply in the current fiscal year as the strengthening Japanese yen extinguishes the foreign currency gains that have powered the world’s biggest automaker to ever-better profits.
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