Toyota Australia , preparing to end domestic manufacturing, reports a big turnaround with an after-tax profit of A$194 million ($150.8 million) for the year ended March 31, a sharp contrast to the after-tax loss of A$437 million ($339.6 million) the previous year.
It credits efficient cost management and strong local and export vehicle sales, with 264,947 Toyota and Lexus vehicles sold in 2014-2015.
The profit came even as the company incurred another A$66 million ($51.3 million) of restructuring costs during the year due to the 2014 decision to stop Australian manufacturing and consolidate its corporate operations by the end of 2017.
The big loss two years ago resulted from asset writedowns and provisions for redundancy payments. Toyota says these will continue until the end of 2017.
The 2014-2015 profit was the company’s biggest since 2008 and was in the black for only the second time in the past six years.
Toyota Australia President Dave Buttner says Toyota’s locally built vehicles, the Camry, Camry Hybrid and Aurion, contributed strongly to last year’s result. “We are pleased that our vehicle lineup continues to appeal strongly to Australian motorists,” he says in a statement.
The Camry has been Australia’s top-selling medium-size sedan for 21 years and the company has exported 70% of local production to the Middle East.
Toyota has built more than 3.2 million cars in Australia since 1963, more than 2 million of them since the Altona factory opened in 1995.
Buttner also credits the positive 2014 annual result to the company’s employees, most of whom face joblessness when the plant is shuttered.
“Despite some difficult announcements during the past 12 months, our employees have continued to be committed and passionate,” he says.
Port Melbourne, Victoria-based Toyota Australia employs about 3,900 people.
