Toyota sees 20% drop in annual profit as Iran war weighs

TOKYO: Toyota forecast a 20% decline in profit for the current financial year on Friday, as cost and supply uncertainties stemming from the Middle East conflict weigh on earnings even as robust demand for its hybrid models powers sales growth.

The world’s top-selling automaker expects an operating income of 3.0 trillion yen ($19 billion) in the year to March 2027, compared with a result of 3.77 trillion yen in the year just ended.