GM-Holden oat of red
PA Melbourne Australia’s largest car maker, General Motors-Hol-den, Ltd, returned to the black with a profit of S6.IM last year after a 1980 loss of $129.8M, the directors announced. This, result for the year to December 31, includes extraordinary items, but the directors refused to specify trading profit and would not detail the extraordinary, or once-off, cost or gains. The managing director (Mr Chuck Chapman) said that the return to profitability
was significant in. a period of continuing capital investment in the business, and escalating wage costs. . “It is obviously important to emphasise that .the pfofit of S6.IM is quite unsatisfactory . in that it represents only 0,5 . per cent of .sales and 1.7 per cent of net assets,” he said. Mr Chapman said that a strong Australian automotive market last year, more effective use of capacity, improved warranty performance, and tight cost control contributed to the better result.
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Press, 29 May 1982, Page 20
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152GM-Holden oat of red Press, 29 May 1982, Page 20
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