Leyland in black BRITISH Leyland announced its results for 1977
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on Monday. Michael Edwardes, chairman of British Leyland Limited, said in a statement that profit before interest and tax was £56.7m.
This was after charging amortization and depreciation of £62.2m. The profit before tax was £3.1m, after interest charges of £53.6m. The increased interest charges reflect higher borrowings.
During the year the company drew on long term loans of £150m from the NEB at interest rates varying between 13.5 and 15.5 per cent; E100m in the first quarter and September.
The tax charge of £8.1m relates mainly to profits earned in overseas subsidiaries.
The profit before tax of £3.1m is made up of a profit of £26.6m from Truck & Bus products and a profit of £8.4m from non-automotive products offset by a loss of £31.9m from cars and light commercials.
These results should be judged against a background of serious internal and external disputes experienced in 1977.