Shares of Spyker Cars fell the most in nine months in Amsterdam trading after the company cut Saab’s production goal as the third-quarter loss widened, Bloomberg News reported.
Net loss widened to €39.9 million (US$55.6 million), or €2.28 per share, from a loss of €4.1 million in the same period a year ago, before the tiny Spyker bought Saab.
Saab director Jan Jonsson said Friday sales “momentum” is growing. The company cut forecasts of car sales this year to 30,000 from 45,000, citing a slow start to production.
Saab’s future is “going to be difficult,” said Crum, the Amsterdams Effectenkantoor analyst.
“When Spyker bought Saab, the factory was totally shut down, and of course it took a huge effort to get things up and running again. On the plus side, the company reaffirmed its target for 2011 and 2012.”