Toyota's profit plunges amid recall concerns

TOKYO - Toyota reported a 39 percent slide in quarterly profit but raises its full-year forecasts for earnings and sales, citing one global auto recovery.

The results show a mixed picture for the world's largest automaker enjoy booming sales in high-growth markets in Asia, Africa and South America, while overlooking continued concern for quality lapses in the important US market.

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The only area where Toyota was stumbling, is the USA where there was market share due to concern the quality of the car loses to the massive recalls has started 2009.

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The callbacks that have risen more than 12 million vehicles around the world in a balloon, include sticky gas pedals, faulty floor mats, brakes, software glitches and other defects.

Toyota Motor Corp. reported Tuesday a year in the third quarter profit 93.63 billion yen ($ 1.1 billion), down from 153 billion yen in the October-December quarter of 2009.

$57 Billion sales
Quarterly sales in the Japanese automaker fell 11.7 percent 4.673 trillion yen ($ 57 billion).

Manufacturer of Lexus luxury model, Camry sedan and the Prius hybrid expected now 7.48 million vehicles around the world in the year to March 31, up from the previous forecast for 7.1 million vehicles for sale.

Toyota raised its annual profit forecast to 490 billion yen ($ 6 billion) of 350 billion yen ($ 4.3 billion).

Senior Managing Director Takehiko Ijichi dismissed the threat of a strong yen which undermines the value of overseas income of Japanese exporters.

He said the strong demand from emerging markets grew up in "one of the pillars supporting our results."

Honda and Nissan are also Seensuffering a reduction in profits in the third quarter due to the stronger yen and declining demand in Japan, but the decline in Toyota set the deepest given its heavy exposure to unprofitable exports from Japan.

Toyota, the ago General Motors co as the world's largest automaker by a thin border last year built 3.28 million vehicles in Japan remained in the past year, compared with 992,000 for Honda and 1.13 million for Nissan.

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Toyota shares rose 18 percent in the past three months versus 13 percent in Tokyo's wide TOPIX index gain. Honda won 22% and Nissan rose 13 percent.

Before the results were known on Tuesday that Toyota ended yen, trading, unchanged from the previous day sound enthusiasm for invention while the TOPIX gained 0.4 percent.

The associated press and Reuters contributed to this report.