TOKYO - Japan's Toyota Motor Corp. slashed its annual net profit forecast by more than half Thursday after first-half earnings tumbled 48 percent due to a stronger yen and weak global economy.

Toyota said its net profit dropped to 493.47 billion yen (SS$7.47 billion) in the six months to September, down from 942.41 billion yen a year earlier.

Operating earnings fell 54.2 percent to 582.07 billion yen as revenue declined 6.3 percent to 12.19 trillion yen, a company statement said.

Toyota, in a close race with General Motors for the title of the world's top automaker, cut its net profit forecast for the full financial year to March to 550 billion yen from the 1.25 trillion yen previously projected.

That would mark a decline of 68 percent from the previous year.