Sales Down But Profits Up For Holden In 2016

As Holden prepares to finalise its Australian production shut down later this year and switch to a full-line importer, the company has revealed its financial figures for 2016 - with a balance sheet that finished in the black.

Holden revealed its 2016 financial data on Thursday, with the ledger showing an overall operating profit of $125.5 million - the second consecutive year the company has registered a profit in recent times.

Broken down further, that figure stems from an after-tax profit of $27.3 million for its national sales company operations, while Holden’s manufacturing division chalked up a $125.5m profit.

Those figures aren’t as clear-cut as they seem though - as part of its manufacturing closure, scheduled for the 20th of October 2017, Holden’s parent company, General Motors, has contributed $128.1 million towards the cost of closing the brand’s Elizabeth factory with a further $51.4 million coming from the Federal Government's automotive transformation scheme.

In a statement from Holden the company indicated that its local vehicle manufacturing operations "continued to operate at a significant loss" with a forecast $108 million loss if production has continued into 2018.

Production figures for 2016 saw Holden manufacture a total of 38,677 vehicles (both Commodore and the now discontinued Cruze) with 4191 vehicles exported to to New Zealand, the Middle East, and North America.

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