Toyota Australia is back in the black after posting a $194 million profit after taxes for the 2014/15 financial year end — as per Japanese practice —on March 31, 2015.
Major factors contributing to these results were good local and continued strong export vehicle sales — Toyota Australia is our biggest car exporter — with 264,947 Toyota and Lexus vehicles sold in 2014/2015, and “efficient cost management”.
The strong result for Australia’s top-selling car brand stands in contrast to 2013/14, when it posed a $437m loss due to restructuring costs and asset write-downs necessitated by its announcement in February 2014 that it would cease making cars here, by the end of 2017.
In 2014/15, Toyota still incurred $66 million of restructuring costs. It is expected that impairments relating to asset write downs and provisions for redundancy payments will continue right up until the end of 2017.
Toyota Australia President Dave Buttner said the positive results were a “credit to all of the company’s employees”, which total 3900 at present.
“Despite some difficult announcements during the past 12 months, our employees have continued to be committed and passionate,” Mr Buttner said.
“It’s been extremely pleasing to see everyone working together, especially as the company prepared for last month’s launch of the new-look Camry.”
Mr Buttner said Toyota’s locally built vehicles, the Camry, Camry Hybrid and Aurion, contributed strongly to last year’s sales figures.
“We are pleased that our vehicle line-up continues to appeal strongly to Australian motorists,” Mr Buttner said.
“Toyota has again retained its overall market leadership for the twelfth consecutive year and our Corolla topped the national sales chart for the second year running.”
As we reported last month, Toyota’s fellow Australian car-maker Ford recorded a $190.7 million loss for 2014 on the back of sliding sales and continued costs associated with the impending closure of its production facilities.