Yamaha post £327m loss
Added on Wednesday, January 28th, 2009 by Carole Nash Editor | No Comments
Yamaha post £327m loss
Yamaha have announced a quarterly loss of £327m as the global recession hit the company’s sales heavily in the final three months of 2008.
Yamaha Motor Co, the second-largest motorcycle manufacturer in the world, posted its first quarterly loss in four years with 41.65bn yen lost in the final quarter, compared to a profit of 3.73bn yen (£29.3m) in the same period in 2007, Bloomberg reported.
The loss was largely blamed on the credit crisis in Europe and North America which hit sales of new motorcycles heavily, a trend replicated at other manufacturers – not least Harley-Davidson who will be cutting back on their workforce over the coming two years.
Yamaha are not expected to announce any redundancies in light of these figures although eleven of its factories in Japan will suspend production in February and March. The company will cut salaries of executives by as much as 20 percent from February to December.
Full-year net income for Yamaha fell 98% to £11.78m compared with £558.75m in 2007, according to a preliminary earnings report today.
Loading ...
No Comments