By Marcus Leach

Car manufacturer Toyota have downgraded their financial year profits considerably, mainly due to the impact the earthquake has had on production.

The Japanese firm forecast net profits of 280 billion yen (£2.1 billion), in contrast to the 408 billion yen they made last year.

Toyota aim to be back to 90% capacity in Japan by the end of this month, as rebuilding after the destruction the earthquake caused.

Profits in the first half of the year would be hit particularly hard, the company said.

"The Japanese economy is expected to pick up gradually. However, the damage done by the Great East Japan Earthquake was widespread and serious, and will continue to affect the Japanese economy," the company said.

Join us on
Follow @freshbusiness