Holden makes first profit since 2011

General Motors Holden has made its first annual net profit since 2011, assisted by subsidies and a one-off “accounting reversal”.

The Australian and others report that net profit after tax for the car maker was $128.2 million in 2015.

Imports were in the black by $55 million last year, though local manufacturing was still a loss-maker.

Local production received about $70 million in subsidies, and made a net loss of $85 million. 56,786 Holden cars were made last year, and imports climbed to almost 55,000.

The figures were helped by a decision to retain 300 designers and engineers working at the powertrain calibration centre after production ends in 2017. This saw a $79.7 million “accounting reversal”.

The company will keep 700 employed at Port Melbourne in 2018, when the company becomes an import-only business.

The annual profit was only the third since 2004.

Drive and others note that Ford Australia meanwhile lost $162.2 million last year.