Holden posts $144m after tax loss

[ROGUE]

Holden posts $144m after tax loss

January 19, 2007 03:03pm
Article from: AAP

ADELAIDE-based carmaker GM Holden has posted a $144 million after-tax loss for 2005 (2005), with one-off costs, exchange rates, high petrol prices and shifting market trends behind the result.

It expects to return to profit this year.

The company said today sales revenue fell 5.1 per cent to $6.3 billion despite record export demand.

The biggest impact on the bottom line was a series of one-off costs including $89 million to cover the cost of scrapping the third shift at the Elizabeth manufacturing plant in Adelaide, and the $60 million impact from the collapse of a major local supplier.

Chairman and managing director Denny Mooney said 2005 was a challenging year for Holden with the company impacted by global business conditions and increasing competition from imported brands.

Those challenges continued through 2006, but Mr Mooney said Holden remained optimistic for the future of the brand and its local vehicle manufacturing operations and expected a return to profitability in 2007.

[clixanup]

Why has it taken them so long to get their '05 results out?

[`redoctober]

Sorry ROGUE, this is the second repost of this today..

First thread: http://www.ls1.com.au/forum/showthread.php?t=68601

:yup:

[planetdavo]

Suddenly, the thread on the Holden Card, with people complaining left, right and centre about reduced discounts on imports, is somehow filling my mind......

[Carrots]

Why has it taken them so long to get their '05 results out?

Don't quote me on this, as I can't quite recall - but from memory the US tax year runs from Jan 1st to Dec 31st as opposed to ours (July 1st to June 30th).

Not uncommon for companies to release figures upto 12 months down the track....especially if they don't want to tarnish the hype surrounding a new model lol

[clixanup]

Don't quote me on this, as I can't quite recall - but from memory the US tax year runs from Jan 1st to Dec 31st as opposed to ours (July 1st to June 30th).
But GM Holden Ltd is an Australian company. They may be wholly owned by an American company, but that doesn't mean a thing. They are an Australian resident company, and as such have to comply with our tax laws. That said, their 2005 report is very late. The ATO deadline for reporting entities for any given year is 31st December, so their 2006 report is now late as well....

[Toddler78]

I dont think it is as bad as it sounds, I also read the article, and the next paragraph in the story was the year before holden netted over 200 billion in profit after tax, so they are only playing with that money, also it was reported that even though the VE was to be a global enteprise, holden actually wore the entire cost of development, I think wait to next year and they will recoup all that debt and then some.:thumbsup:

[Mr Moosh]

I dont think it is as bad as it sounds, I also read the article, and the next paragraph in the story was the year before holden netted over 200 billion in profit after tax, so they are only playing with that money, also it was reported that even though the VE was to be a global enteprise, holden actually wore the entire cost of development, I think wait to next year and they will recoup all that debt and then some.:thumbsup:

200 billion? Boy Holden were doing well... ;)

[Carrots]

But GM Holden Ltd is an Australian company. They may be wholly owned by an American company, but that doesn't mean a thing. They are an Australian resident company, and as such have to comply with our tax laws. That said, their 2005 report is very late. The ATO deadline for reporting entities for any given year is 31st December, so their 2006 report is now late as well....

Yes they have to comply with our tax laws.....but that doesn't always mean they'll release info going on our tax calender was what I getting at.

[Knight Phlier]

200 billion? Boy Holden were doing well... ;)

It was $AU200 Million thereabouts

[Toddler78]

200 billion? Boy Holden were doing well... ;)


sorry got a bit excited 200 million plus lose change:yahoo: