UPDATE 2-Toyota supplier Denso halves output on virus as profit hits 11-year low [Reuters]
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Source: Reuters
Toyota supplier Denso halves output on virus as profit hits 11-year low TOKYO (Reuters) - Japanese auto parts maker Denso Corp ( 6902.T ) said on Thursday it has slashed global production by around 50% due to the coronavirus, adding its supply chain could be affected in the coming months if the outbreak is prolonged. Earlier in the day, the world’s fourth-biggest components producer and a key supplier to Toyota Motor Corp ( 7203.T ) posted an 81% drop in operating profit for the year ended March at 61 billion yen ($571.8 million), its lowest since 2009. But Denso retained its annual dividend of 140 yen per share. Tumbling profits at Denso and other suppliers are a reflection of plummeting demand for cars as people have been ordered to stay indoors in many countries to control the spread of the coronavirus, leaving motorways deserted and causing deep uncertainty about the longer-term impact on the global economy. “It will take considerable time for economies to recover to pre-coron
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