Toyota Australia has reported a net loss after tax of A$13.2m for the 12 months to 31 March 2011.

President and CEO Max Yasuda said that the operating environment during this period continued to be tough for the local car making industry, with a rapidly changing market environment.

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Toyota Australia makes its Camry line at its plant in Altona, Victoria, and imports other vehicles from parent company plants worldwide.

“The Australian dollar appreciated strongly against most major currencies, placing significant pressure on the cost competitiveness of locally made vehicles relative to imports in the Australian market, and increasing profitability pressure on exports. In addition the price of raw materials, changes in Australian vehicle market demand, and increased market competition ensured that difficult conditions prevailed,” Yasuda added.

Sales revenue for the period was $8.2bn (2010: $8.4bn) in total, including export sales of $1.4bn (2010: $1.2bn). Domestic retail sales volume (including Lexus) was 217,365 units (2010: 214,265) during the fiscal year.

The result included a tax adjustment to prior years. Toyota Australia reported a profit before tax of $122m (2010: $182.3m) for the year.

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In response to market challenges, Toyota Australia implemented a wide range of initiatives to support the achievement of global competitiveness for its operations.

“We intensified our supplier and development programmes to create a sustainable local industry. We also undertook dealer operation continuous improvement programs; a brand programme reaffirming Toyota’s reputation for superior quality; and introduced new product offerings such as the Hybrid Camry, Rukus and FJ Cruiser,” Yasuda said.

A fiscal year highlight was confirmation Toyota Australia would begin full manufacturing new-generation four cylinder engines for its Camry and hybrid Camry sedans from late 2012. Locally-made V6 versions are badged Aurion ‘down under’.

“Securing the new engine plant is due to the hard work of our employees and suppliers to ensure we continue to transition the industry to compete in a future carbon constrained world,” Yasuda added.

He said recovery from the 11 March Japanese earthquake was only one of company’s immediate challenges.

“We have multiple issues that must be tackled simultaneously including addressing recovering from the impact of the earthquake, severe competitive threats and maintaining global competitiveness of our manufacturing operations. Despite the challenges I am confident we will deliver the right product in the right place, at the right price, leading to sustainable growth for the local business,” Yasuda said.

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