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 credited this performance to a strong recovery in tourism demand and the near normalization of stock issues.
Company chairman Akira Shida revealed that the group’s consolidated revenue for the 2023-2024 fiscal year saw an impressive increase of 22.62 percent compared to the previous year, primarily driven by the Fijian market.
“Fiji experienced a notable rise of 30.41 percent, largely due to the strong sales performance of new vehicles by TTSSL and its subsidiaries and the economic recovery to post-pandemic levels,” Shida stated in the company’s market announcement at the South Pacific Stock Exchange (SPX), where it is listed.
He also mentioned that the group’s consolidated gross profit margin saw a significant rise of 37.74 percent, mainly due to the increased sales of new vehicles.
“Despite facing higher expenses driven by inflation, rising labor rates, and the depreciation of foreign currency against key trading partners, the group achieved an after-tax profit of $27 million, marking a $10.03 million increase from the previous year, showcasing the group’s resilience in a challenging economic environment.”
Shida noted that their strategic initiatives had successfully navigated the challenges posed by the high demand for the company’s skilled workforce in Australia and New Zealand.
“In our quest for operational excellence, we have implemented solar energy solutions at our Nadi dealership. This green initiative has significantly reduced energy costs, achieving savings of 4.1 percent. Additionally, our commitment to sustainability is further demonstrated by our partnership with Energy Fiji Ltd, through which we have sold excess energy, positively contributing to our financial metrics and environmental goals.”