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Toyota posts $182.3m annual profit

Toyota Australia has bounced back from a challenging 12 months to post a $182.3 million profit for the year to the end of March.

The local arm of the Japanese company said on Monday the result compared to a $173.7 million profit in the previous year and came on total sales worth $8.6 billion.

President and chief executive officer Max Yasuda said that after a flat start to the year, Toyota enjoyed stronger than expected domestic activity in the second half.

"The global financial crisis affected demand for Toyota vehicles, but by mid-year, improved market conditions, boosted by the federal government's investment allowance helped Toyota Australia achieve 214,465 domestic vehicle sales for the financial year," he said.

"We expect market conditions to continue to improve through the rest of 2010, making our industry goal of 920,000 domestic sales achievable."

Mr Yasuda said fluctuations in currency, price increases for raw materials, increased global competition and global recall activity in late 2009 made local conditions difficult.

He said Toyota Australia responded quickly to the Prius recall involving 2378 cars in Australia with dealers completing the software upgrade to 90 per cent of vehicles within three weeks.

"Having participated in this recall activity, we have responded by undertaking new activities to ensure high quality standards are achieved," he said.

"This includes further developing our capability for early detection of quality issues and rectification."

Mr Yasuda said Toyota Australia's strong performance confirmed the company's position as market leader.

"We demonstrated our competitive edge by launching Australia's first locally-built hybrid vehicle, the Hybrid Camry," he said.

"It was the most significant entry into the Australian automotive market in more than a quarter of a century and a breakthrough car for Toyota and the future of motoring in Australia."

Mr Yasuda said four of the top 10 cars on the Australian market were also Toyotas - the Corolla, HiLux, Camry and Yaris models.

Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.

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