 Delphi is trying to turn its business around |
Struggling US car parts firm Delphi has seen its first-half losses more than double as it continues to try to emerge from bankruptcy protection. Reporting its results for the first six months of 2006, it made a net loss of $2.6bn (�1.4bn), a 251% increase on the year before.
Delphi said the latest losses included $1.9bn in one-off charges.
They relate to its cost-cutting efforts such as persuading staff to take early retirement or less generous healthcare.
Over-staffing
Delphi's first-half revenues remained virtually static, rising to $14bn from $13.9bn a year earlier.
Yet it said it was continuing efforts to diversify its customer base away from former owner General Motors (GM).
Delphi's non-GM revenues for the first-half rose 9% to $7.7bn, from $7.1bn last year.
Spun out from GM in 1999, Delphi filed for bankruptcy protection in October 2005.
It has since continued negotiations with staff and unions to get workers to agree to early retirement packages and reduced health provision.
Delphi chief financial officer Robert Dellinger said the acceptance rate for such deals among employees represented by main union United Auto Workers was now 85%.
Yet the United Auto Workers union is continuing to threaten a strike ballot over Delphi's calls for further wage cuts.
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