Lotus Cars Ready To Show Profit
Lotus said it is still on track to make a profit this year despite a 41 million pounds (USD50 million) loss during its most recent financial year.
Lotus, which is still owed by Malaysia’s DRB-Hicom, is on track to record a profit this financial year as measured by EBITA (earnings before interest, tax, depreciation and amortization). It
The loss for the financial year ending March 2015 was slightly down on the 45.2 million pounds lost the previous financial year, according to papers filed by the company. The result includes a 13.2 million pound write-down incurred after Lotus quit the Formula 1 championship ahead of schedule. Lotus lost 65.6 million pounds in 2014 and 159.4 million pounds the year before.
Revenue for the 2016 financial year fell 17% to 79 million pounds after safety regulation changes forced Lotus to suspend sales of its Evora high-end sports car in the U.S, the world’s biggest sports car market. Unit sales over the financial year fell to 1,607 from 2,015 the year before.
The revamped Evora 400 went back on sale in the U.S last August and demand has been so strong that the U.S. is now Lotus’s biggest market.
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