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LONDON, Nov 7 (Reuters) - Luxury British carmaker Aston
Martin swung to a third-quarter pre-tax loss of 13.5 million
pounds ($17 million) on Thursday, saying its full-year wholesale
volumes would be lower than previously guided after slumping
sales in Europe and Asia.
The 106-year automaker, famed for being fictional agent
James Bond's brand of choice, said it is taking action to
control its costs through an efficiency programme but still
expected to meet the market's financial expectations.
"Total wholesale volumes are down year-on-year as we balance
growth, brand positioning and dealer inventories," said Chief
Executive Andy Palmer.
Volumes dropped 16% to 1,497 cars in the three months to the
end of September as demand in Britain fell 22%, the wider
Europe, Middle East and Africa area dropped 17% and in Asia
volumes fell by a third.
Earlier this year, the company announced it was raising
$150 million in debt at a 12% interest rate to bolster its
balance sheet ahead of the launch of a new sport utility
vehicle, which it hopes will revive its fortunes by doubling its
output.
On Thursday, Aston said its net interest expense guidance
for 2019 stood at around 83 million pounds, also hit by the
impact of unhedged expenses in U.S. dollars, with prior guidance
at roughly 70 million pounds.
The global automotive industry has undergone a torrid year,
hit by declining sales in China, trade war worries between the
world's two biggest economies, a slump in diesel sales in Europe
and the need to invest heavily in electrification.
($1 = 0.7788 pounds)
(Reporting by Costas Pitas; editing by James Davey)
