AUSTRALIA: Pension costs and investment write-offs drop Holden profit despite sales rise
General Motors’ Holden unit said 2002 profit fell 10% because of pension payments and investment write-offs according to Bloomberg News. Melbourne-based Holden's net income for calendar 2002 fell to $A257.4 million ($US165 million) from $A285 million in 2001 while sales rose 7% to a record $A5.9 billion, Bloomberg News said, citing a company statement.
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