ID :
66696
Fri, 06/19/2009 - 19:00
Auther :
Shortlink :
http://m.oananews.org//node/66696
The shortlink copeid
Times remain tough for carmakers: Toyota
Toyota Australia says its annual net profit almost halved as the global financial
crisis pummelled its business, and conditions for carmakers will remain hard for the
next six months.
The company reported a $123.4 million net profit for year to March 31, compared to
$242.2 million for the prior fiscal year.
Sales revenue was $8.8 billion, compared to $9.4 billion during 2007/08.
Toyota Australia president and chief executive Max Yasuda says the second half of
the fiscal year saw the global financial crisis severely impact all aspects of the
company's business.
"The emergence of the global financial crisis in the second half of the year led to
a severe and unprecedented deterioration in our vehicle sales, resulting in lower
profitability," Mr Yasuda said in a statement.
"I expect local conditions will continue to be difficult for carmakers and suppliers
for the remainder of 2009.
"Australia's manufacturing competitiveness is being impacted by the global economic
crisis, fluctuations in currency, price increases in raw materials and decline in
vehicle and parts demand."
Domestic retail sales volume during the financial period was 229,189 vehicles,
including Lexus models.
During the 2008 calendar year, domestic sales reached 245,656, including Lexus,
representing a market share of 24.3 per cent, the company said.
Export sales increased to $1.7 billion, with a financial year volume of 94,955.
Toyota Australia said it is taking measures - including cost efficiencies, executive
pay freezes and training - to support its operations and ensure it is in a stronger
position when the market recovers.
It intends to post results above breakeven for the next fiscal year.
"There will be opportunities for companies that can rapidly adjust," Mr Yasuda said.
The company estimates industry domestic vehicle retail sales for the calendar year
will be 850,000 units.
Mr Yasuda said production has started for the Camry facelift this month, and this
will be followed by the Aurion facelift.
"In line with Toyota's strategy to accelerate the rollout of eco-friendly vehicles,
the hybrid Camry is on schedule to be in the market from the beginning of 2010."
crisis pummelled its business, and conditions for carmakers will remain hard for the
next six months.
The company reported a $123.4 million net profit for year to March 31, compared to
$242.2 million for the prior fiscal year.
Sales revenue was $8.8 billion, compared to $9.4 billion during 2007/08.
Toyota Australia president and chief executive Max Yasuda says the second half of
the fiscal year saw the global financial crisis severely impact all aspects of the
company's business.
"The emergence of the global financial crisis in the second half of the year led to
a severe and unprecedented deterioration in our vehicle sales, resulting in lower
profitability," Mr Yasuda said in a statement.
"I expect local conditions will continue to be difficult for carmakers and suppliers
for the remainder of 2009.
"Australia's manufacturing competitiveness is being impacted by the global economic
crisis, fluctuations in currency, price increases in raw materials and decline in
vehicle and parts demand."
Domestic retail sales volume during the financial period was 229,189 vehicles,
including Lexus models.
During the 2008 calendar year, domestic sales reached 245,656, including Lexus,
representing a market share of 24.3 per cent, the company said.
Export sales increased to $1.7 billion, with a financial year volume of 94,955.
Toyota Australia said it is taking measures - including cost efficiencies, executive
pay freezes and training - to support its operations and ensure it is in a stronger
position when the market recovers.
It intends to post results above breakeven for the next fiscal year.
"There will be opportunities for companies that can rapidly adjust," Mr Yasuda said.
The company estimates industry domestic vehicle retail sales for the calendar year
will be 850,000 units.
Mr Yasuda said production has started for the Camry facelift this month, and this
will be followed by the Aurion facelift.
"In line with Toyota's strategy to accelerate the rollout of eco-friendly vehicles,
the hybrid Camry is on schedule to be in the market from the beginning of 2010."
