Saab owner Spyker reports $55.6 million loss in Q3

AMSTERDAM: Spyker Cars NV, the owner of the Saab brand, has reported a widening loss for the third quarter, as it absorbs Saab's loss-making operations.

Spyker says the net loss was euro39.9 million ($55.6 million), or euro2.28 per share, compared with a loss of euro4.1 million a year ago, before it bought Saab. Revenues were euro275.4 million, up from euro1.1 million.

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.

Spyker has access to euro450 million in cash and credit, and no plans to issue shares to increase its negative worth of euro169 million.

Spyker bought Saab out of liquidation for $74 million from General Motors Co. this year.