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Losses more than double at Toyota Aust


Toyota Australia has posted an annual loss of $32.6 million.

The car manufacturer said its result for the 12 months to March 31 - more than double its $13.2 million loss in the previous year - was primarily caused by major floods in South East Asia and Japan's tsunami and nuclear disaster.

The natural disasters hampered the supply of cars and parts for the local manufacturing operations, it said.

"It has been a very tough time for Toyota globally during the past year," Toyota Australia president Max Yasuda said.

"The natural disasters had an unprecedented effect on the company in terms of production volume and reduced sales."

Revenue in the year to March of $7.25 billion was down from $8.27 billion in the previous year, as car sales dropped by 14 per cent to 187,328.

Toyota cuts its workforce by 350 earlier in 2012, and the associated changes to its business also impacted the result for the year, the company said.

Despite other negative factors such as the high Australian dollar and intense market competition, Toyota is targeting improved profit in 2012/13 as a result of the restructure, Mr Yasuda said.