CANBERRA: Toyota Australia has swung to a profit after the car manufacturer reported strong local and export vehicle sales and retained its market leadership position for the twelfth year running.
Toyota today posted an after tax profit of $194 million for the twelve months to the end of March.
In the previous financial year, the group posted an after tax loss of $437m after being hit with restructuring costs, as the group decided to stop building cars and engines in Australia by the end of 2017.
Toyota said it had incurred $66m worth of restructuring costs for the 2014-15 year, and it expected that asset write downs and redundancy payments would continue to weigh on the company until the end of 2017.
Toyota said it had sold more than 260,000 Toyota and Lexus vehicles during the year, while efficient cost management underpinned the strong result.
The group also reported strong sales of its Camry, Camry Hybrid and Aurion vehicles.
Toyota Australia president Dave Buttner said workers had remained committed and passionate despite the “difficult” announcements over the past 12 months.
“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,” he said.
