Toyota 1Q Profit Drops on Weak U.S. Market, Stronger Yen

American depositary receipts of Toyota Motor Corp. fell $4.47, or 4.27 percent, to $100.29 in mid-day trading on the New York Stock Exchange.

Net income for the company's fourth fiscal quarter ending on March 31 fell 28 percent to 316.8 billion yen ($3.05 billion) down from 440 billion yen ($4.24 billion) in the year earlier period. Sales grew 3.8 percent in the quarter to 6.567 trillion yen ($63.3 billion).

Annual sales grew 9.8 percent to 26.289 trillion yen ($253 billion) compared to 23.948 trillion year in the 2007 fiscal year ($231 billion). Affecting revenue was

Toyota is poised to surpass General Motors Corp. this year as the world's largest automaker. Last year, it came within several thousand cars of the feat.

Toyota's outlook for the year sees the net profit for the year to drop by 27.2 percent to about 1.25 trillion yen ($12 billion). Its operating income will fall 30 percent to 1.6 trillion yen ($15.4 billion).

Among the company's best sellers were smaller vehicles such as the Prius hybrid and Yaris.

$1 USD = 103.784 yen