TOYOTA Tsusho (South Sea) Ltd, trading as Asco Motors recorded an increase in its profit for its half year financials compared with the same period last year.
In a market announcement sent through the South Pacific Stock Exchange, company chairman Masahiro Kuwahara said the company recorded $10.1 million profit for its half year ended September 30, compared with $7.1m recorded for the same period last year.
Mr Kuwahara said despite strong competition in the Fiji market Toyota continued to retain its brand leadership in the market.
He said in the new vehicle market, there had been growth in the mid-SUV and passenger segment models compared with same period last year while fleet sales continued to perform well including successes with large corporate tenders in the past six months, indicating ongoing confidence in the Toyota brand and Asco Motors quality service and products.
According to Mr Kuwahara service, panel and parts departments achieved good growth compared with the same period last year and AVIS Fiji continues to perform strongly, supported by the increase in tourist arrivals and a focus on exceptional customer service.
He said their Fiji operations were expected to finish the financial year positively, resulting in reasonable growth from last financial year.
Meanwhile Toyota unit sales for the half year have decreased from last year for their Samoa market.
Mr Kuwahara said overall, Tonga was behind budgets with net profit after tax (NPAT) however steady progression was expected in the business towards financial year-end.
“In preparing this business outlook, we have not factored in any negative impacts arising out of unforeseen events such as economic downturn, unfavourable exchange rate movements, and weather disturbances.
“Should the business encounter any such unfavourable situation(s), the business outlook will be revised and market announcements will be made accordingly,” he said.
