Toyota ekes out weakest Q1 profit in 9 years as pandemic halves car sales

Toyota's operating profit plunged 98 per cent to $131.73 million

Toyota Motor Corp eked out its smallest quarterly profit in nine years as the coronavirus pandemic halved its car sales and nearly wiped out its bottom line.

However, shares in Japan's top automaker rose 2.3 per cent in a weaker broader market as analysts had expected a loss, while comments from a company spokesman on a faster-than-expected sales recovery also provided support.

Toyota's operating profit plunged 98 per cent to 13.9 billion yen ($131.73 million) for the three months ended June, better than a consensus estimate for a loss of 179 billion yen drawn from a Refinitiv poll of seven analysts.

The sharply