AusBN – Toyota (LSE: TYT; NYSE: TM) has reported a huge after-tax profit strengthening its position to continue manufacturing in Australia.
The company recorded a significant turnaround, with an after tax profit of A$194 million, for 2014-2015.
A loss of $437 million had been recorded in the previous financial year.
Strong local and export vehicle sales and efficient cost management were cited as the key factors behind the return to black.
Toyota Australia president Dave Buttner said: "Despite some difficult announcements during the past 12 months, our employees have continued to be committed and passionate.
"It's been extremely pleasing to see everyone working together, especially as the company prepared for last month's launch of the new-look Camry."
The updated Camry, Camry Hybrid and Aurion passenger cars will see out Toyota's manufacturing operations in Australia. Buttner said he was satisfied with local sales of the new model, along with exports, which contribute roughly 70 per cent of overall volume for those models.
"We are pleased that our vehicle line-up continues to appeal strongly to Australian motorists," Buttner said.
"Toyota has again retained its overall market leadership for the twelfth consecutive year and our Corolla topped the national sales chart for the second year running."
Toyota's result follows a $191 million loss recorded by Ford Australia in May. Holden is set to release its latest financial data in the coming weeks.