September 6, 2010
Saab turns profit after 2009 crisis
Published: 27 Jul 10 16:26 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/28026/20100727/
Crisis-hit carmaker Saab Automobile turned a profit of 3.9 billion kronor ($531 million) in 2009, but only thanks to deals with its creditors and a deal to sell equipment to a Chinese automaker, according to the company’s annual report, released on Tuesday.
- Spyker completes Saab payment (5 Jul 10)
- Spyker chief promises new life for Saab (2 Jun 10)
- Saab unveils new Saab 9-5 to journalists (31 May 10)
The number of cars sold fell from about 93,000 to just 38,756. This led turnover to fall 61 percent to 6 billion kronor.
“2009 was not a normal year. Saab went in and out of a reconstruction phase. 75 percent of the debts were written off and we sold tools to BAIC. The annual report has limited relevance, as it does not show Saab’s global results,” the company’s head of information Eric Geers told Dagens Industri.
Last Christmas almost saw the end of sixty years of car production by Saab, when General Motors announced it was starting to wind down the company. Saab was only saved when a last-minute bid by Spyker was accepted by the US giant.
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Keep up the good work for 2010 / 11, don't worry so much about 2012 because you'll be wound up by then, taxpayer money is running out fast.
By comparison, Ford reported an operating loss of US$14.6B (137B SEK!!!) in 2008 and they weren't winding themselves down, acting like they were or being treated by the market as a company that was about to go under!!
"... their engineers and line workers suck.."
I am surprised by your comment. I agree that it may be impossible to make affordable cars in Sweden but I have driven few Saabs and they are nice cars.
In Saab they use some of the most advanced methods in auto manufacturing. from advanced use of computer simulation to advanced prototype manufacture. What exactly has made you so disappointed with SAAB?
Is that all you can think about? taxpayer money taxpayer money taxpayer, you guys sound like a scratched CD.
Why? Because if not, the consucuenses for tye whole country (including you) would've been quite bad.