Struggling Japanese truckmaker Isuzu Motors on Monday reported falling deeper into the red for the six months to September due to ballooning restructuring costs, Reuters reported.
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According to Reuters the Isuzu group net loss for the April-September period was 84.23 billion yen ($US684.5 million), more than triple the loss of 23.56 billion yen in the year-earlier term.
Reuters said the debt-riddled truck maker posted an operating loss of 21.35 billion yen, compared with a profit of 4.5 billion yen, as sales plunged 24% to 632.49 billion yen.
According to Reuters, Isuzu a month ago said it had won an agreement from its banks and part-owner General Motors Corp for an aid package including about $US800 million in debt-equity swaps.
Isuzu lowered its expectations as it announced plans to quit its US SUV-making joint venture, Reuters said, adding that Isuzu on Monday kept those forecasts unchanged and expects a group net loss of 170 billion yen on sales of 1.27 trillion yen compared with a loss of 42.99 billion yen and sales of 1.60 trillion yen last year.
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By GlobalData
