SOUTH AFRICA: Weak rand hits Toyota profitability - report
According to the country's Business Day website, Toyota South Africa grew significantly to become a 10.7 billion rand company last year but was hit so badly by the weak currency in the first part of the year that it failed to make a profit. Business Day said interim results reported by Wesco, which last year reduced its stake in Toyota SA from 64% to 25% in a billion rand deal with the Japanese parent firm, show that turnover jumped 27.8% in 2002 from R8.4 billion to R10.7 billion.
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