Federal-Mogul sees further losses in Q1 April 20, 2006
Auto parts maker Federal-Mogul has reported an increase in first quarter losses of 29%, with revenues slipping by 2% as it continues to restructure its business.
The company filed for chapter 11 bankruptcy in the US and administration in the UK in 2001, following a series of asbestos lawsuits. The company is now protected while it attempts to reorganize and pull itself out of bankruptcy.
In its first quarter the company saw losses of $68.4 million as compared to the same period the year earlier when losses were $48.3 million. Sales in the quarter slipped to $1.6 billion from $1.63 billion in 2005.
Federal-Mogul noted that earnings had been impacted by currency charges of $51 million, asset impairment and restructuring charges of $40 million and interest expenses of $10 million.
- Posted in : Uncategorized
- Author : arnold
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