Toyota net profit dips
BY NEIL MCDONALD | 2nd Aug 2006
Its net profit after tax was $54.9 million, down from $70.8 million, with sales revenues of $7.6 billion compared to $7.3 billion during 2004-05.
Capital expenditure was $420.6 million for 2006, compared with $176.8m in 2005.
The expenditure included costs associated with the consolidation of manufacturing operations at Toyota’s Altona plant in Melbourne and major development plans relating to the production of the new Camry and arrival of the V6 Aurion sedan in September.
These works included the upgrade of the press plant operations, a new global body line, new bumper bar and resin operations and the development of a logistics centre.
During the period, Altona built 113,316 Camry and Avalons for domestic and export markets, compared to 105,866 the previous year.
Domestic retail sales volume during the period was a record 214,072 vehicles (including Lexus but excluding Daihatsu), up from 208,882 the previous year.
It was the second consecutive year Toyota has exceeded the 200,000 sales figure. No other Australian car company has achieved a sales result of 200,000 vehicles.
Exports for the period reached 71,748 vehicles with a revenue contribution of $1.3 billion.
Toyota Australia president, Ted Okada, said the arrival of the Camry and Aurion against a backdrop of relentless global and local competition and undiminished demands to achieve more with less resources meant Toyota was entering one of the most important periods in its history.
"We achieved another year of record market sales and retained our position of market leadership," Mr Okada said.
"Customer preferences and other external factors have changed the mix of models with a very strong trend towards smaller vehicles.
"We expect the market to remain strong compared to recent record sales years, in spite of interest rate speculation and fuel prices.
"With the launch of the Camry supported by continuing export demand we are confident of improving our financial profit performance." During the period, Toyota Australia continued its ongoing support of the AFL, was a presenting partner of the Melbourne 2006 Commonwealth Games and supported the Federal Government’s participation in the World Expo in Aichi, Japan last year.