Reaper
Tells it like it is.
- Joined
- Aug 15, 2004
- Messages
- 6,493
- Reaction score
- 11,463
- Points
- 113
- Location
- SE Suburbs, Melbourne
- Members Ride
- RG Z71 Colorado, 120 Prado , VDJ200, Vantage
Holden loses $70m in 2008
Costs related to Family II engine plant closure see GM Holden lose $70m in 2008
GM HOLDEN this evening posted a $70.2 million operating loss for its financial year ending on December 31, 2008.
The better-than-expected result came in the same week that Toyota Australia announced a $123.4 million profit for its fiscal year ending on March 31, and following the record $274.4 million loss revealed by Ford Australia a week ago.
Holden stressed that it would have made a small after-tax profit of $6.6 million except for special, one-off charges that amounted to $76.8 million and related mainly to the upcoming closure of its Family II engine plant closure.
In addition, Holden said it made top-up contributions of $50.3 million to its Defined Benefits Scheme as the world financial markets began to deteriorate.
Reduced sales volumes saw total revenue drop from $6.1 billion in 2007 to $5.8 billion last year, which chairman and managing director Mark Reuss described as “disappointing, because the organisation was well placed to make a healthy profit in Australia before world markets fell in the third quarter of 2008”.
Holden - Holden loses $70m in 2008 - News
Costs related to Family II engine plant closure see GM Holden lose $70m in 2008
GM HOLDEN this evening posted a $70.2 million operating loss for its financial year ending on December 31, 2008.
The better-than-expected result came in the same week that Toyota Australia announced a $123.4 million profit for its fiscal year ending on March 31, and following the record $274.4 million loss revealed by Ford Australia a week ago.
Holden stressed that it would have made a small after-tax profit of $6.6 million except for special, one-off charges that amounted to $76.8 million and related mainly to the upcoming closure of its Family II engine plant closure.
In addition, Holden said it made top-up contributions of $50.3 million to its Defined Benefits Scheme as the world financial markets began to deteriorate.
Reduced sales volumes saw total revenue drop from $6.1 billion in 2007 to $5.8 billion last year, which chairman and managing director Mark Reuss described as “disappointing, because the organisation was well placed to make a healthy profit in Australia before world markets fell in the third quarter of 2008”.
Holden - Holden loses $70m in 2008 - News