According to The Australian Financial Review, Toyota's Australian business has led a surge in sales and profitability across the local outposts of most Japanese carmakers in the year to March 31, as it met consumer demands for utes, SUVs and hybrid engines.
Toyota Motor Corporation Australia Ltd's profit after tax was $137 million, up 38 per cent on the year to March 31, 2017; Nissan's Australian profit more than trebled to $35.1 million, Mitsubishi's rose 72 per cent to $5.5 million and Honda's 22 per cent to $44.1 million, reveal accounts lodged with the corporate regulator over the last month.
A record calendar 2017 for vehicle sales in Australia buoyed the sector, which allowed Toyota to boost sales 4 per cent to 216,566. Mazda, which has not yet lodged a 2018 financial report, came in second with 116,349 sales, Mitsubishi fifth with 80,654 and Nissan eighth with 56,594.
Toyota's closure last October of its manufacturing plant in Melbourne, which had made Camry sedans, improved its margins in Australia. Sales were up $124 million to $8.83 billion over the year, but the overall cost of sales was down $21 million to $7.85 billion.
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