Toyota posts 39% drop in Q1 profit

U.S. sales of the Toyota Prius fell 3.9 percent through July vs. the same period of 2007

TOKYO (Thomson Financial) — Toyota Motor Corp. said on Thursday its operating profit dropped 39 percent in the fiscal first quarter ending in June, from a year earlier. The company said this was due to slowing sales in the U.S. and Europe, higher purchasing costs of basic materials and a strong yen.
Toyota left its earnings guidance unchanged but still warned its operating profit will drop for the first time in nine years.

The company registered an operating profit of 412.59 billion yen ($3.8 billion), down from an operating profit of 675.43 billion yen ($6.17 billion) a year earlier. This was also the second straight quarter that its operating profit had fallen…

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