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