Toyota sees 35 percent fall in profit this year

TOKYO (Reuters) - Toyota Motor Corp said on Friday its operating profit this year would fall 35 percent to 300 billion yen ($3.7 billion) after Japan's biggest earthquake on record severely disrupted car production and slashed sales.

The annual guidance compares with a consensus of a 434 billion yen operating profit based on the average of 23 forecasts by analysts polled by Thomson Reuters I/B/E/S. Operating profit in the year to March 2011 was 468.3 billion yen.

The 9.0 magnitude earthquake that rocked northeastern Japan on March 11 forced Toyota and other Japanese automakers to cut output at home and abroad as they struggled to secure vital parts. The ensuing nuclear disaster and power shortages have compounded problems.

The world's biggest automaker said on May 11 that the earthquake has contributed to a 52 percent fall in profit during the January-March quarter, but the company delayed unveiling the annual forecasts as it weighed impact of the disaster on consumption and its supply chain.

The massive disruption to production, however, will almost certainly mean Toyota will fall behind General Motors Co and possibly Volkswagen AG to rank third in global vehicle sales this year.

Toyota's shares have fallen 7.5 percent since the disaster, underperforming the benchmark Nikkei 225 average which lost 6.5 percent.

($1 = 80.305 Japanese Yen)

(Reporting by Mariko Katsumura; Editing by Matt Driskill)