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May 8th, 2013 
Peter Nolan
Updated
Car maker Holden has reported a full year loss, blaming the costs of restructuring its business.
Holden says it made a net loss of $152.8 million for the year, after writing down its manufacturing business to the tune of $226 million.
Revenue dropped from $4.3 billion to $4 billion due to lower sales of its Commodore and Cruze models.
South Australian Premier Jay Weatherill said he was in negotiations with Holden on the future of $275 million in state and federal grants.
SA Opposition Leader Steven Marshall said there was a need for certainty on government funding arrangements.
“There’s a big cloud hanging over the head of workers out at Holden,” he said.
“It would be great if the Government could get on, finish the negotiations and assure the people of SA that this sector is going to continue into the future.”
Topics:
automotive,
business-economics-and-finance,
industry,
states-and-territories,
federal—state-issues,
government-and-politics,
australia,
sa
First posted
Source Article from http://www.abc.net.au/news/2013-05-08/holden-makes-a-loss-as-commodore-sales-stall/4676808
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