Holden reports $210.6 million loss for 2009

Holden has revealed it suffered a $210.6 million net loss for 2009, a result which it blames on the loss of Pontiac exports to the North American market.
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Its investment in the Pontiac program accounted for the majority of one-off charges in 2009 totalling $223.4 million - without which Holden would have boasted a $12.8 million after-tax profit.

Well before these figures were released Holden had already begun to cut its losses by introducing the Pontiac-faced special edition Holden Commodore range which has since found a permanent spot in the local line-up in a bid to clear redundant stock.

"This had a substantial impact on both our domestic and export sales," said Holden's chief financial officer, Mark Bernhard, "Much of our loss was incurred as a result of GM's decision to discontinue the Pontiac brand in North America."

Holden's other export markets also suffered as a result of the economic downturn with production down significantly from 119,000 vehicles built in 2008 to just 67,000 in 2009 from GM-Holden's factories.

Mr Bernhard is confident that Holden would return to profit in 2010, spurred on by the planned local production of the Cruze in Adelaide next year.

With Herald Sun