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Toyota Australia posts $99 million profit (751)

Toyota Australia has posted an after tax profit of $99 million for the year ending 31 March 2017 (2015/16: after tax profit of $236 million).

There were 209,995 Toyota and Lexus vehicles sold locally and 55,445 vehicles exported during the 2016/17 financial year.

Luxury carmaker Lexus achieved record sales in the 2016/17 financial year, selling 9,096 vehicles, an increase of 0.35% per cent on the previous record set in the 2015/16 financial year.

Due to the 2014 announcements that Toyota Australia would stop manufacturing and consolidate its corporate operations by the end of 2017, the company incurred restructuring costs of $131 million in this financial year (2015/16: $81 million).

As well as higher restructuring costs, the FY17 profit result was impacted by adverse foreign exchange in export markets when compared to the prior year.

"The company is well progressed in its transition to a sales and distribution company and will continue to be a strong force in the Australian market place," Toyota Australia President Dave Buttner said.

Milestones throughout the financial year included the launch of the C-HR, as well as HiLux being announced as Australia's best-selling car, closely followed by Corolla.

With the company goal of 'last car = best global car', Camry continued as Australia's best-selling mid-size car since 1994.

"Our manufacturing team members have worked diligently to ensure that our last Camry will be our best one yet," Mr. Buttner added.

"I am extremely proud of the commitment and dedication of our employees across all areas of the company. Their respective and collective contributions have continued to drive positive results in every aspect of our business."