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Toyota reports first decline in annual net profit in Five years

Toyota reports first decline in annual net profit in Five years

Toyota Motor Corporation on Wednesday reported its first decline in annual net profit in the last five years, and warned investors that earnings could drop again due to costly U.S. customer incentives and a potential pick up in the yen.

The world's second largest automaker announced that its operating profit in the year to March slipped to 1.6 trillion yen (US$14.06bn), below analysts’ average estimate of 2.3 trillion yen. In the year just ended, the company generated 1.99 trillion yen in operating profit.

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