Toyota Australia has posted a $437 million loss as it prepares to end its local manufacturing operations by the end of 2017.
AAP reports that the loss can be explained by the company’s high restructuring costs of $889m in the year to March.
The result came as the company increased production. Toyota Australia manufactured 102,590 vehicles at its Altona factory and sold 221,771 Toyota and Lexus vehicles.
President Dave Buttner reiterated Toyota’s reasons for exiting local car making.
"There were too many external factors beyond our control that made it unsustainable to continue building cars and engines in Australia in the mid- to long-term future," he said.
“This has obviously had a significant impact on our results as our focus is now on supporting our employees and ensuring that we have the correct provisions in place as we transition to a national sales and distribution company.”
As News.com.au reports, the combined results from the three local car makers (from their most recent financial reporting periods) add up to $1.2 billion in losses. All three, Toyota, Ford, and Holden will soon be ceasing their car making operations.
Holden, which will do so by 2017, announcement in May that it had recorded a $553 million loss after tax. And Ford, which will stop building cars by the end of 2016, recorded a $267 million after tax loss.
All losses can be largely explained by restructuring costs, including redundancies packages.