Rover Group Reduces Loss
6 August 1987
Rover Group P.L.C., aided in part by American sales of its Sterling car, said it reduced its after-tax loss by 80 percent in the first half of the year from a year earlier.
The state-owned auto maker said today it lost $:42 million, or the equivalent of about $66 million at present exchange rates, in the year's first six months, compared with a loss of $:204.5 million ($321 million) in the first half of 1986.
Group losses before interest and taxation were $:7.3 million ($11 million), compared with $:71.1 million ($112 million) in the period a year ago.
Revenue rose 26 percent, to $:1.58 billion ($2.5 billion), from $:1.25 billion ($2 billion). The group's production rose to 246,000 vehicles this year from 242,000 a year ago, while sales were up to 259,000 vehicles from 233,000.
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