Toyota Australia profits up
But down on Holden in final year of Australian manufacturing for both car-makersToyota Australia has announced a $137 million after-tax profit for the 2017-18 Japanese fiscal year ending in March – its final year of manufacturing.
The Australian market leader’s latest financial result is up on the $99m profit it made in 2016-17, when it incurred restructuring costs of $131m related to its October 2017 factory closure, despite higher restructuring costs of $147m in 2017-18.
It is also up on Ford Australia’s $27m profit (its first since 2010) in 2017 – its first year as a full-line importer – which was a big turnaround since its $267m loss in 2013, when Ford announced it would close its Australian factory doors in 2016.
However, Toyota’s 2017-18 profit was less than GM Holden’s $156.8 million after-tax profit for 2017 – its final year as an Australian car-maker – and less than the Japanese giant’s $253m profit in 2015-16.
Between them, Toyota and Lexus sold 229,258 vehicles in Australia and exported 25,791 vehicles during the 2017-2018 financial year. In raw terms that equates to an average $537 profit per vehicle – up from $373 in 2016-17.
In 2017, the HiLux remained Toyota’s and Australia’s top-selling vehicle, followed closely by the Corolla – Australia’s most popular passenger car.
"This successful result is a testament to the dedication and commitment of the entire team here at Toyota Australia, both past and present," said Toyota Australia president Matthew Callachor.
"We have now completed our transition to a sales, marketing and distribution business, and the fact that we have been able to increase both local sales and market share shows that our organisation is moving from strength to strength.
"Our focus has turned to the changes facing the automotive industry. We are cognisant of the impact that possible emissions regulations, autonomous vehicles and connected technology will have on the whole industry.
"Our financial results, in conjunction with our strong dealer network and our employees' capability, will enable Toyota to successfully navigate the challenges of the future," Callachor said.
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