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 its performance to a strong resurgence in tourism demand and near-normal stock levels.
In the fiscal year 2023-2024, consolidated revenue for the group increased by 22.62 percent compared to the previous year, driven mainly by the Fiji market, according to company chairman Akira Shida.
“Fiji experienced a notable rise of 30.41 percent, primarily due to the strong sales of new vehicles by TTSSL and its subsidiaries, along with economic recovery reaching post-pandemic levels,” Shida said in the company’s market announcement at the South Pacific Stock Exchange (SPX), where it is listed.
Shida added that the group’s consolidated gross profit margin saw a significant increase of 37.74 percent, mainly due to higher sales of new vehicles.
“Despite facing increased expenses due to inflation, higher labor rates, and the depreciation of foreign currency against key trading partners, the group achieved an after-tax profit of $27 million, reflecting a $10.03 million increase from the previous year. This showcases the group’s resilience in a challenging economic landscape.”
Shida remarked that strategic initiatives had successfully navigated the challenges posed by the increased demand for the company’s skilled workforce in Australia and New Zealand.
“In our pursuit of operational excellence, we have initiated solar energy solutions at our Nadi dealership. This green initiative has significantly reduced energy costs, achieving savings of 4.1 percent. Additionally, our partnership with Energy Fiji Ltd has allowed us to sell excess energy, positively impacting our financial metrics and environmental goals,” Shida stated.