Toyota's New Pres Speaks

He seems to set the right tone on priorities for investors.

Toyota Pres:Aim To Avoid Loss For 3rd Straight Year

TOKYO (Dow Jones)--Toyota Motor Corp.'s (7203.TO) newly appointed president, Akio Toyoda, Thursday said the company aims to return to profitability as early as in the next fiscal year.

"We'll take every possible step to avoid three straight years in the red," the new president said at a press conference where the firm's new management, who were named Tuesday, spoke to the media for the first time.

Toyoda, grandson of company founder Kiichiro Toyoda, is taking the helm at a crucial time as the world's biggest car maker by volume struggles to restore its battered operations amid the economic slump.

As the auto industry experiences a major upheaval - contributing to General Motors Corp. and Chrysler LLC filing for court-led restructuring - the Japanese carmaker posted its first net loss in 59 years in the 12 months to March 2009.

The Japanese auto giant projects an even steeper net loss for the current fiscal year, as continued sluggish demand will crimp sales and the yen's strength will keep eating into overseas profits in yen terms.