Toyota reports drop in quarterly profit

TOKYO (AP) — Toyota reported a 39 percent drop in quarterly profit but raised its full-year forecast, citing a global auto sales recovery.

Toyota Motor Corp., the world’s biggest automaker, reported Tuesday a fiscal third quarter profit of 93.63 billion yen ($1.1 billion), down from 153 billion yen in the October-December quarter of 2009.

Quarterly sales at the Japanese automaker declined 1.2 percent to 4.673 trillion yen.

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