Profits and losses for Toyota Australia
Against a background of improving sales, Toyota delivers a mixed bag of financial results for the period from April 1 2009 to March 31 2010A seeming mixed bag of figures has delivered what Toyota Australia sees as a positive result for the trading period from April 1 2009 to March 31 2010.
The company recorded an improved profit before tax over 2008-2009 -- from $173.7 million to $182.3 million -- but a one-off tax adjustment brought a loss of $107.9 million compared to a $123.3 million profit in 2008-2009.
Although sales revenue for the period ($8.6 billion) was down on the previous period's 8.8 billion, company president and CEO Max Yasuda said Toyota Australia achieved better than expected domestic sales in the second half of the accounting period.
He said improved market conditions and the federal government's investment allowance helped lift Toyota's second-half sales while encouraging a confident outlook for the industry goal of 920,000 domestic sales for 2010.
In a press release announcing the 2009-2010 results, the company also mentioned the recall issues it has faced recently, saying it "responded quickly" to the well-publicised Prius recall in which around 2400 owners were contacted to address a braking problem.
Mr Yasuda said that "Having participated in this recall activity, we have responded by undertaking new activities to ensure high quality standards are achieved. This includes further developing our capability for early detection of quality issues and rectification.
"Toyota Motor Corporation has formed a Special Committee for Global Quality and Toyota Australia's manufacturing plant at Altona plays a role in this activity."
Toyota's luxury offshoot Lexus has had its recall problems too, with its flagship LS models suffering a steering ECU problem and, this week, a problem with V6 and V8 engines in the LS flagship, as well as the mid-size GS.
Against this background, Toyota's recent sales increases are more than welcome.
"For the calendar year, Toyota was the best selling brand achieving 200,991 vehicle sales, representing a market share of 21.4 per cent," Mr Yasuda said.
Read the latest Carsales Network news and reviews on your mobile, iPhone or PDA at www.carsales.mobi
Please see our Editorial Guidelines & Code of Ethics (including for more information about sponsored content and paid events). The information published on this website is of a general nature only and doesn’t consider your particular circumstances or needs.
