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GM Holden Returns To Profit After Five Years of Losses Car Review Price Colour list Specification Top Speed Burnout Engine Review Exterior and Rebates

Tuesday, April 12, 2011

GM Holden is back in the black, with a $112 million profit in 2010 breaking a five-year run of losses for the local manufacturer.




Holden chief financial officer, Mark Bernhard, announced the positive economic result today after filing the company’s official statements with the Australian Securities and Investments Commission.
The result marks a $323 million turnaround from 2009, when GM Holden suffered a $211 million loss.
Between 2005 and 2009, GM Holden lost a total of $579 million. Before today’s announcement for the 2010 calendar year, Holden’s last full-year profit came in 2004.




Mr Bernhard said the losses over the past few years forced the company to become a more efficient operation.
“The economic climate experienced during 2008 and 2009 required us to improve our structural cost base and business model to ensure the long-term profitability of our domestic business,” Mr Bernhard said.
“The measures we took to re-structure our organisation and reduce costs during this period saw us emerge as a leaner, more flexible automotive manufacturer.”

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