Payout to workers, natural disasters see Toyota Australia post $32.6bn loss
Toyota, Australia's largest automotive brand, has posted $32.6 million loss for 2011-12, more than double its $13.2 million loss in the previous year, due to natural disasters in South East Asia and Japan and final payout to laid off workers.
The natural disasters including floods in Thailand and tsunami followed by nuclear disaster in Japan hampered the supply of cars and automotive parts for the local manufacturing operations, the company reported Thursday.
In addition, the retrenchment payouts to 350 workforce laid-off from its Altona production plant in January 2012, also impacted the result for the year, the company said.
"It has been a very tough time for Toyota globally during the past year," Toyota Australia president Max Yasuda said.
"The natural disasters had an unprecedented effect on the company in terms of production volume and reduced sales."
Revenue during the 2011-12 fiscal year ending March 31 was $7.25 billion, down from $8.27 billion in the previous year, as car sales plunged 14 per cent to 187,328.
Despite the high Australian dollar and intense market competition, Toyota is targeting improved profit in 2012-13 as a result of the restructure.
Toyota is also banking on its range of new and refreshed models like the Camry, Aurion, Prius C, Prius V and 86 sports car to help the company achieve an improved results in the current year.
"We are expecting the release of these new vehicles will translate to an increase in sales and solidify Toyota's position as the number one automotive brand in Australia," Yasuda said.
Toyota has made a strong start to the 2012-13 financial year from a sales perspective.
During April and May, a total of 38,119 Toyota and Lexus vehicles have been sold in Australia, up 49.6 per cent compared with the same two-month period in 2011.
Denying any further job cuts, a Toyota spokeswoman said, "As long as market conditions stay the same we don't anticipate further redundancies."
Source: Australian News.net
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