Toyota Tsusho (South Sea) Ltd, trading as Asco Motors, recorded $4.43 million profit for the half-year ended September 30, 2021 compared with $1.93m recorded for the same period last year.
In a market announcement through the South Pacific Stock Exchange (SPX), company chairman Masahiro Kuwahara said the financial results for the half-year ended were $1.47m above last year, attributed to an increase in new vehicles sales, service-related business improvements, and used vehicle sales.
However, he said the business was closed for three weeks leading to reduced operations capacity from the reopening date, adding that as of the date of this report, the business was still operating at reduced capacity with staff working in bubbles as per COVID-19 protocols implemented.
Meanwhile the company said despite the intense competition and slowdown in new vehicle sales, Toyota retained its brand leadership in the Fiji market, primarily driven by growth in the mid-SUV, Utility, and Vans segment.
The global production supply issue remains an ongoing challenge for all automotive companies, and initiatives are being employed to improve performance for nonvehicle related businesses.
The company’s rental business AVIS Fiji operations continue to feel the impact of the border closure and nil overseas tourism arrivals.
“The business has strengthened relationships with our customers. Local specials were introduced, gradually improving the business profitability with further improvements expected with the border reopening and tourism arrivals in the next couple of months,” he said.
He said similar to last year and with the prolonged international border closure, the adverse impact of COVID-19 had seen a reduction in tourism-related businesses such as car rental and marine sales. However, the effect on maintenance activities, especially concerning essential service-related activities, has been less marked.
The company’s subsidiaries in Samoa, Tonga and American Samoa saw marked improvement because of increased government spending and stimulus packages, especially in American Samoa.
The company added that the business performance for American Samoa, Samoa and Tonga improved by $1.03m for the half year ending September 30, 2021.
As the world endeavours to recover from the pandemic, all our markets remain focused on keeping an established forecast. The market and economic environment remain crucial factors for the next half of the year.
