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Promising results

Monika Singh
Saturday, December 02, 2017

THE half year financial results of Toyota Tsusho (South Sea) Ltd, trading as Asco Motors in Fiji, Samoa, American Samoa and Tonga looks promising as the company shows a net profit of $7.093 million.

A statement from the company issued through the South Pacific Stock Exchange said the company's net profit for the half year ended September 30 showed a growth of -6 per cent compared with $6.685m recorded for the same period last year.

Company chairperson Yoshiaki Kato said good trading performances in Fiji and Samoa supported the overall group performance for half year ending September 30.

Mr Kato said as far as Fiji operations was concerned Toyota continued to retain its brand leadership in the market, which continued to be a very competitive environment.

"The sales performance was supported by growth in mid and large size SUV and Hiace model sales.

"The recent launch of the all new Hilux with the renowned GD engine is expected to assist in improving sales numbers in the next half of the year."

According to the statement the aftermarket operations such as service, panel and parts departments achieved good growth compared with the same period last year.

Meanwhile the company's other subsidiary AVIS Fiji continues to perform exceptionally well with growth in the AVIS business supported by the increase in tourist arrivals and an increased focus on exceptional customer service. Mr Kato said Asco Fiji recently secured a major contract with the Fiji Government for supply of Toyota vehicles and Yamaha bikes as part of Fiji Government's phase five fleet tender award.

He said the business would eventuate from the second half of the current financial year into the next financial year, with the expectation of stronger business for vehicles and aftermarket segments.

"The buoyant economy; growth in the tourism industry; and other positive business and economic indicators favour Fiji operations to finish the financial year on a good note, achieving its business profit targets as well as a notable growth from last financial year.

"Asco Samoa is progressing on par with business for the half year ending 30th September, 2017.

"Sales and profits are in-line with budgets and last year's results.

"The business at this point is expected to continue with this trend towards financial year end."

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