/ 10 March 2001

WEAK RAND DRIVES TOYOTA DOWN

TOYOTA South Africas 2000 earnings slumped 27.8%, weighed by a weaker currency, but it expects some recovery in 2001. It reported a headline loss per share – which strips out exceptional items and their tax effects – of 111.2 cents in the 12 months to December, 2000, versus a restated 67.6 cents previously. Net income sagged from R129.7m to a loss of R48.5m, weighed by high costs of a weaker rand against the yen. Toyota imports the bulk of its components from Japan. Revenue rose to R7.7bn from R6.04bn in 2000, while profit margins remain pressured. – Reuters