MELBOURNE — Holden Ltd. reports its second successive drop in annual profits, with 1998 results down 3% to A$166 million (US$110.6 million) on sales up 26.6% to A$3.8 billion (US$2.5 billion). Holden Managing Director Jim Wiemels says the profit decline was driven by a considerable drop in the value of its engine exports to Asia — from 250,000 units in 1997 to 150,000 last year. Tough competition, adverse currency exchange rates and falling import tariffs also are cited, along with ...
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