Toyota fourth quarter net income plunges to $314 million from $1.38 billion

Toyota Motor Corp on Wednesday reported a 77 per cent slump in net income to 25.4 billion yen (about $314 million) during the January-March quarter in the wake of the earthquake and tsunami that hit Japan, which disrupted production and vehicle sales.

The entity had posted a net income of 112.2 billion yen (about $1.38 billion) for the fourth quarter of 2010, Toyota said in a statement.

Toyota's performance was affected by the earthquake and tsunami that hit Japan in March, which disrupted production and sales.

Revenues fell 12 per cent to 4.64 trillion yen (about $57.2 billion) in the quarter ended March 31, 2010, from 5.28 trillion yen (about $65.18 billion) in the year-ago period.