TOYOTA Tsusho (South Sea) Ltd (TTSSL), operating as Asco Motors, reported a net profit after tax of $23.7 million for the fiscal year ending March 31, 2024.
The company attributed this strong performance to the resurgence in tourism demand and the near resolution of stock issues.
Company chairman Akira Shida stated that the group’s consolidated revenue increased by an impressive 22.62 percent compared to the previous year, primarily driven by the Fiji market.
“Fiji, in particular, experienced a notable rise of 30.41 percent, mainly due to the robust sales performance of new vehicles by TTSSL and its subsidiaries, as well as economic recovery to post-pandemic levels,” Shida said in the company’s market announcement at the South Pacific Stock Exchange (SPX).
He further mentioned that the group’s consolidated gross profit margin saw a significant increase of 37.74 percent, largely due to the increased sales of new vehicles.
“Despite facing elevated expenses driven by inflation, rising labor rates, and the depreciation of the foreign currency against key trading partners, the group achieved an after-tax profit of $27 million. This marks a $10.03 million increase from the previous year, showcasing the group’s resilience in a challenging economic landscape.”
Shida noted that their strategic initiatives had effectively navigated the challenges posed by the high demand for the company’s skilled workforce in Australia and New Zealand.
“In our pursuit of operational excellence, we have implemented solar energy solutions at our Nadi dealership. This green initiative has significantly reduced energy costs, resulting in savings of 4.1 percent. Additionally, our commitment to sustainability is demonstrated through our partnership with Energy Fiji Ltd, where we have sold excess energy, positively contributing to our financial metrics and environmental goals.”