Toyota Australia has reported a net profit after tax of $A76.6 million (£32.7 million; $US57.6 million) for the period 1 April 2004 to 31 March 2005.
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Sales revenue for the period was $7.3 billion.
The result compares favourably to a net profit after tax of $A67.5 million for the same period last year while sales revenue remained relatively steady compared to $A7.4 billion reported last year as a result of a slight decline in export volumes, coupled with the effects on revenue of the weaker US dollar.
Capital expenditure increased by $A44 million on the previous year to $177 million. This expenditure included costs associated with improvements to the Altona manufacturing plant particularly as preparations begin for the production of new models in 2006; the relocation to a new Australian corporate headquarters at Port Melbourne during April and May 2004 and information technology development.
During the period, manufacturing operations at Altona in Victoria produced 105,866 Camry and Avalon [a version unique to Australia based on the first-generation US model but sharing the Camry platform] vehicles for domestic and international markets, compared to 114,933 the previous year. The end of Avalon production scheduled for the end of June was announced in March. A wind down of Daihatsu sales was announced on 31 March with a scheduled termination on 31 March 2006.
During calendar year 2004, Toyota sales reached 201,737. This significant milestone made Toyota Australia the third affiliate after the USA and Thailand to achieve 200,000 sales. It was also the first time an Australian car company had passed the 200,000 milestone in what was another record market for Australia.
Exports for the period reached 64,355 vehicles, contributing $A1.1 billion of revenue.
Toyota Australia president Ted Okada said that although the result was a satisfactory return during a year of intense competition, he was aiming to increase the rate of profit growth during the next few years.
“Our overall sales performance was very strong during another year of record market sales and growth. Our dealer network achieved the number one market position during 2004 even though we did not release any new vehicles during that period.
“The appreciation of the Australian dollar during the period did place additional pressure on us as an exporter however as always, we continue to seek new export markets for our locally made Camry,” he said.
Other major milestones for the year included the production of the two millionth Australian-made Toyota and the millionth Camry.
Toyota also exceeded the 400,000 export vehicle mark since its export programme began in the mid-1980s with Corona wagon exports to New Zealand.
