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.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
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.
