Toyota Australia has reported growth in full year profit before tax on the back of stronger than expected demand in the second half. However, its after tax figures slipped to a loss for the 12 months.
The company said profit before tax reached A$182.3m, compared to $173.7m last year. Sales revenue for the period was $8.6bn against 2009 sales of $8.8bn. Of the 2010 total, export sales reached $1.2bn.
Go deeper with GlobalData
Profit after tax, including a one-off tax adjustment to prior years, was a loss of $107.9m compared with a profit of $123.3m last year.
President and CEO Max Yasuda said that after a flat start to the year, the second half saw Toyota Australia record a stronger than expected domestic sales result.
“The global financial crisis affected demand for Toyota vehicles, but by mid year, improved market conditions, boosted by the federal government’s investment allowance helped Toyota Australia achieve 214,465 domestic vehicle sales for the financial year,” he said.
“For the calendar year, Toyota was the best selling brand achieving 200,991 vehicle sales, representing a market share of 21.4%. We expect market conditions to continue to improve through the rest of 2010, making our industry goal of 920,000 domestic sales achievable.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataYasuda added that the past 12 months had been a challenging time for Toyota Australia.
“Fluctuations in currency, price increases in raw materials, increased global competition from global car importers and global recall activity in late 2009 made local conditions difficult. Toyota Australia responded quickly to the Prius recall involving 2,378 cars in the Australian market. Our dealers personally contacted customers and completed the software upgrade to 90% of vehicles within three weeks,” he said.
He added: “We demonstrated our competitive edge by launching Australia’s first locally built hybrid vehicle, the Hybrid Camry. It was the most significant entry into the Australian automotive market in more than a quarter of a century and a breakthrough car for Toyota and the future of motoring in Australia. In addition, four of the top 10 market place sellers were Toyotas – Corolla, HiLux, Camry and Yaris.”
