CZECH REPUBLIC: Toyota-PSA JV profits 2010 flat as sales dip
TPCA, the car-making joint venture between Toyota and PSA Peugeot Citroen in the Czech Republic, said 2010 profits were flat compared with 2009 despite a drop in both sales and output.
The company based in Kolin, about 60km (38 miles) east of Prague, made profits of 1.4bn koruna (EUR57m, US$81.5m), although its sales of Toyota Aygo, Peugeot 107 and Citroen C1 A-segment hatchbacks fell 14% year on year to 44bn koruna.
According to AFP, TPCA president Satoshi Tachihara told a news conference the company maintained good profits despite an 11% drop in output caused by swings in demand in the past two years.
Output at the factory, which employs 3,600 people, fell to 295,712 units in 2010 from 332,489 the previous year.
The company exports most of its products, mainly to France, Italy, Germany, the UK and the Netherlands.
Czech-based carmakers including Volkswagen's Skoda Auto and Hyundai raised combined passenger car output by 9.5% year on year to 1,072,263 units in 2010, topping the 1m mark for the first time.