TOKYO, Reuters Toyota Motor (NYSE) Corp reported Wednesday a 33% drop in its quarterly profit. A sliding yen, solid demand and production disruptions caused primarily by a shortage of chips globally and China’s COVID limitations had not been offset.

Refinitiv surveyed seven experts and found that Japan’s top automaker was the largest by volume. It posted an operating loss of 463.8 trillion yen (3.56 billion dollars) for the Jan-March quarter. This is well below its average estimate of 521.1 million yen.

This compares to a profit of 689.8 trillion yen in the same time period one year ago.

($1 = 130.4100 yen)