Toyota Motor Corp., poised to lose its crown as the world's largest carmaker this year, has cut its profit forecast 54 percent after Thailand's worst floods in almost 70 years disrupted production.
Net income will fall to ¥180 billion in the 12 months ending March 31, the carmaker said in a statement Friday. That's lower than its previous forecast and misses the ¥393 billion average of 21 analyst estimates.
Toyota also cut projections for operating profit and sales.