Holden posts huge loss

HOLDEN has posted a $255.2 million loss for 2013-14, the second-largest in its history. It means the company hasn’t made money since 2011’s $89.7m profit.

Holden CFO Jeff Rolfs, who was interim CEO for most of the year following the abrupt departure of Gerry Dorizas, said: “There are major costs associated with our decision to cease domestic manufacturing of vehicles in Australia by the end of 2017, chief among them being employee separations and entitlements.”