Bankrupt supplier Delphi has reported reduced revenues and sharply higher losses for both the final quarter and full-year 2006.

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Fourth quarter revenue of $6.4bn, was down from $6.8bn in Q4 2005 and non-GM revenue for the quarter was flat at $3.7bn, accounting for 57% of Q4 revenues.


The Q4 net loss was $853m, compared a net loss of $828m the previous year.


The Q4 loss included $200m of non-cash impairment charges related to long-lived assets – in 2005 there was a similar charge of $589m.


“Delphi’s reported net loss of $5.5bn for 2006 included $3.0bn of charges related to the attrition of more than 20,000 traditional employees through our US hourly special attrition programs,” Delphi chief financial officer Robert Dellinger explained in a statement.

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“Excluding those charges, Delphi’s 2006 net loss was approximately the same as the 2005 net loss of $2.4bn. With that said, our losses are likely to continue until we completely and successfully address our high US cost structure and complete all aspects of our transformation plan.”


Full-year revenue was $26.4bn, down from $26.9bn in 2005, while non-GM revenue rose 5% to $14.8bn, accounting for 56% of the total.


“Delphi’s losses in 2006 were concentrated in the US as we continued to see lower volumes, partially reflecting market share losses by GM, and commodity price increases, in addition to the charges associated with implementing our U.S. hourly attrition plans,” Dillinger said.


Delphi continues to operate under US Chapter 11 bankruptcy protection while it restructures the business.