Welcome to Just Commodores, a site specifically designed for all people who share the same passion as yourself.

New Posts Contact us

Just Commodores Forum Community

It takes just a moment to join our fantastic community

Register

Holden loses $70m in 2008

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

Holden_WM_Manufacturing_160.jpg

 

STEALTHY™

So Wet For You!
Joined
Jan 3, 2005
Messages
6,630
Reaction score
83
Points
48
Location
SA - The Roadworks State
Members Ride
VP Calais International, FPV, Audi
Awesome reporting skills.


Holden loses $80mil (implying they made a loss) when infact they just made less profit on previous years.


If its that easy, maybe i should become a journo
 

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
Lol - the whole profit/loss thing is very different to their cash position. From the whispers I have heard, their cash position is very strong. Much of this "loss" is non-cash writedowns of assets in their Family II plant - such as equipment that was paid for decades ago but still had a substantial book value. Now that the plant is closing they have the opportunity to write it all off. Great for their tax position - by rights, no company wants to make too much profit - it just goes to govco.

Reaper
 

Immortality

Can't live without smoky bacon!
Staff member
Joined
Apr 15, 2006
Messages
22,472
Reaction score
19,902
Points
113
Location
Sth Auck, NZ
Members Ride
HSV VS Senator, VX Calais II L67
yeah, thats a losss on paper only. good tax write-off. my old company did that one year
 

holden boy

Member
Joined
Sep 21, 2008
Messages
107
Reaction score
0
Points
16
Location
auckland nz
Members Ride
vx s
perfect timing to :) cause now is the time to be able to do it and no one will look hard at it and give a ****
 
Top