TOYOTA Tsusho (South Sea) Ltd (TTSSL), trading 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 a vigorous resurgence in tourism demand and the near normalisation of stock issues.
Company chairman Akira Shida highlighted that for the 2023-2024 fiscal year, the group’s consolidated revenue saw an impressive increase of 22.62 percent compared to the previous year, largely driven by its Fiji market.
“Fiji experienced a notable rise of 30.41 percent, primarily due to robust sales of new vehicles by TTSSL and its subsidiaries and the economic recovery to post-pandemic levels,” Mr. Shida stated in a market announcement at the South Pacific Stock Exchange (SPX), where the company is listed.
He mentioned that the group’s consolidated gross profit margin also saw a significant increase of 37.74 percent, mainly due to increased sales of new vehicles.
“Despite facing higher expenses due to inflation, rising labour rates, and currency depreciation against key trading partners, the group achieved an after-tax profit of $27 million, which is a $10.03 million increase from the previous year. This showcases the group’s resilience in a challenging economic landscape.”
Mr. Shida added that their strategic initiatives effectively navigated the challenges posed by the high demand for the company’s skilled workforce in Australia and New Zealand.
“In our commitment to operational excellence, we have implemented solar energy solutions at our Nadi dealership. This green initiative has significantly reduced energy costs, achieving 4.1 percent savings. Furthermore, our dedication to sustainability is underscored by our partnership with Energy Fiji Ltd, where we have sold excess energy, positively impacting our financial metrics and environmental goals.”