Big turnaround in Toyota result
Toyota New Zealand, the country's most popular car manufacturer, has reported a $3.2 million profit for the year ending March, turning around a $388,584 loss the previous year.
That was despite revenue falling 5.5 per cent to $780.76m, according to results filed with the Companies Office.
In its results the company said 2011 loss was due to an increase in tax costs - when it booked a $5.2m charge for deferred tax on non-depreciable buildings that year.
It said a 24 per cent fall in operating profit to $9.1m in the 2012 year was mainly due to supply disruptions caused by the tsunami in Japan in March 2011 and flooding in Thailand at the end of that year.
Toyota said its overall sales revenue declined by seven per cent in a new vehicle market that increased by 5 per cent.
"Despite these disruptions in 2011, the Toyota franchise was the market leader for an unprecedented 24th consecutive year with Corolla and Hilux being the top two selling models in New Zealand.
"Strong profit contributions were also received from used vehicle and customer services divisions, both of which have now matured to businesses in excess of $110m in revenue."
The results show Toyota NZ's cost of sales was $713.5m.
The transaction value of related party costs, including to Toyota Motor Corporation in Japan for new vehicles and parts, was $696.1m for the year.
Toyota NZ was not available for comment.
The Motor Trade Association said 8175 new vehicles were sold in August, compared with 7465 in August 2011.
That was an increase of 710 units (9 per cent), making it the strongest August sales month since 2007.
For the year to September 28, overall sales were up by 10,203 units (18 per cent).
Toyota remained the most popular passenger car brand in August, with 15 per cent of the new car sales market, followed by Ford at 12 per cent and Holden close behind on 11 per cent.
- © Fairfax NZ News