Toyota Kirloskar starts making profits

By SiliconIndia   |   Monday, 09 September 2002, 07:00 Hrs
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MUMBAI: Toyota Kirloskar, a subsidiary of Japanese auto manufacturer Toyota Motor Corp., announced that it has started making profits on its investments of Rs 928 crore within three years of commencing operations.

K K Swamy, deputy managing director of Toyota Kirloskar Motor Ltd, told a business daily that the company has also targeted to recover its accumulated losses and depreciation by fiscal 2006.. ``We have started making profits from June this year. When we started operations, we had a challenging target of achieving profitability at low volumes and quickly by the third year. We are bang on target'', Swamy was quoted as saying.

He hoped that the company would be able to wipe out its accumulated cash losses of Rs 56 crore during this fiscal. ``Our target is to recover all accumulated losses and depreciation by three years from now'', he added. The Rs 928 crore investment was made in two tranches. The first tranche of Rs 700 crore was pumped in to set up the plant and related operations, while Rs 228 crore was invested this year to upgrade the facility, primarily for manufacturing the recently- launched upgraded version of Qualis and mid-size sedan Corolla, which will be launched early next year.

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