Toyota Australia announces $194 million profit

Toyota has posted a $194 million profit for its 2014/15 financial year.

The company is still accommodating the costs associated with winding down local manufacturing in 2017, and estimates that cost during the reporting period was as much as $66 million. furthermore, Toyota Australia will continue to incur these costs up to and possibly beyond the end of local manufacturing.

But it's better news than the previous year, when Toyota recorded a huge loss costing the company $437 million.

"Despite some difficult announcements during the past 12 months, our employees have continued to be committed and passionate," said Toyota Australia president, Dave Buttner.

"It's been extremely pleasing to see everyone working together, especially as the company prepared for last month's launch of the new-look Camry."

Despite the announcement Toyota would cease to build the Camry and Aurion at the Altona plant west of Melbourne in 2017, the Camry remains the top-selling mid-sized car in Australia, which bodes well for Camry's future as an imported product line. The new model (pictured) will be the last to be built in Australia. 

Toyota remains Australia's most popular automotive brand, by a massive margin.

"We are pleased that our vehicle line-up continues to appeal strongly to Australian motorists," said Buttner, as quoted in a press release.

"Toyota has again retained its overall market leadership for the twelfth consecutive year and our Corolla topped the national sales chart for the second year running."