Holden in the red, again

GM Holden has posted back-to-back losses with a $146.56m slide into the red in 2006.

GM Holden has posted back-to-back losses with a $146.56m slide into the red in 2006. The after tax loss last year followed the company’s $144.6m loss in 2005. Holden directors said the results were once again impacted by one-off costs and accounting adjustments. The company paid $20m in termination payments after a decision to axe the third shift at its Elizabeth assembly facility in Adelaide. Revaluation costs also hit the bottom line to the tune of $69.7m. Domestic sales were down by 16.2% last year to 146,511 vehicles, pushing total revenue down 7.8 % to $6.149bn. Holden said vehicle exports fell from the record levels of 2005 to 46,074 in 2006. But engine exports rose 6.8% to 212,266, taking total export revenue to $1.852bn.