BIL Truck and Bus make £27m
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THE FINANCIAL troubles of British Leyland, as revealed in its last accounts as a privately run company, have been alleviated to the tune of £27m by profits on buses and trucks.
But for the group a £76.1m loss before tax for the year ended September rose to £123.5m after including massive overseas writeoffs. However, chief executive Mr Alex Park last week described 1976 as the year of recovery.
The company says that export business is now picking up in the USA, India and Nigeria. Having shed 14,000 workers over the past year, management now believes the main problem is achieving a manpower balance in its car group rather than making anyone else redundant.
Total sales amounted to £1,868m against £1,595m—but the volume of cars, trucks, buses and tractors was down to 846,000 from 1,020,000.
Interest charges came to £38m against El7m. The capital spending budget is still around £120m against £80m£90m.