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Toyota posts first loss in 59 years


The world's biggest car maker has reported its worst financial results ever as demand for its vehicles takes a hit

Toyota said it lost 436.94 billion yen (NZ$7.4 billion) in the year to 31 March.

Toyota said expected to make a bigger loss in the current financial year.

Sales have fallen due to the economic situation, and Toyota also blames the loss on high raw materials prices and a strong yen.

"Both revenues and profits declined severely during this period," Toyota president Katsuaki Watanabe said.

Toyota has lost money only once before since its foundation in 1937, when Japanese industry was recovering from the war, it also went into the red in 1950.

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