Lex land loss disclosed
. (.VZI’I Scui. r—<:opii"«ht LONDON. British Leyland has disclosed a first-quarter loss in the current financial yeai. but the chairman (Lord Stokes) said that the firm was in far better shape than most of the world's car manufacturers. Lord Stokes and other executives faced severa. hours of critical questioning from shareholders at the company's annual meeting. In December, the company announced that because of a financial crisis it had been ; forced to secure British Govemment backing for new bank loans. A Government j team is now examining the company’s affairs. Lord Stokes said that Brit- ! ish Leyland had not yet drawn on the Governmentguaranteed financial facilities. He pledged that if the Government proposed t< take a share of the equity ot the company, this would be considered with the interests ol shareholders very much in mind. He also told shareholders that he had taken a voluntary cut in salary of £17,000 i i the last year. Last year the firm made a pre-tax profit of £2.3m.
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Bibliographic details
Press, Volume CXV, Issue 33773, 20 February 1975, Page 9
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169Lex land loss disclosed Press, Volume CXV, Issue 33773, 20 February 1975, Page 9
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