Car producer Holden has posted a $152.8 million after-tax profit for 2016 as it prepares to close its local manufacturing operations later this year.
The company says it made $125.5 million on its manufacturing business and $27.3 million on its national sales operations.
But it says the result came on the back of a $128.1 million payment from its parent company General Motors and it also received $51.4 million from the federal government's Automotive Transformation Scheme.
The company said the figures showed its manufacturing operations continued to run at a loss and had it not decided to close its assembly facilities, it would also have been hit by a $125.6 million asset depreciation.
Holden sold 94,308 vehicles in 2016 for an eight per cent market share with total revenue topping $3.5 billion.
Holden chairman and managing director, Mark Bernhard, said the company still faced challenges and was undergoing fundamental change.
"There is no sugar coating that," he said.
But he said the 2016 results showed the company would be profitable as a vehicle importer.
"For the second consecutive year Holden has recorded a solid profit from our national sales company operations," Mr Bernhard said.
"This result highlights the strong profitability of our long-term business plans.
"Now we need to keep our unwavering focus on growing sales, rebuilding our brand and putting our customers first.
"If we look after the fundamentals of our business, the rest will take care of itself."
Holden said it remained a significant contributor to the Australian economy with a $69.1 million investment in research and development last year.
It also paid combined taxes of $188.1 million.
Holden will close down its Adelaide car assembly operations on October 20.
Share
