Taxi Driver Online
http://taxi-driver.co.uk/phpBB2/

manganese future in the balance
http://taxi-driver.co.uk/phpBB2/viewtopic.php?f=2&t=10914		 Page 1 of 5
Author:  JD [ Thu Mar 05, 2009 5:49 pm ]
Post subject:  manganese future in the balance
* Scraps 2008 final dividend

* Cuts 20 pct jobs; lowers salaries, production

* Says China JV production to bring down costs

* Sees challenging 2009 for volumes and margins

* Shares fall 15.6 pct (Recasts, adds CEO comments, details)

BANGALORE, March 5 (Reuters) - Manganese Bronze Holdings Plc (MNGS.L: Quote, Profile, Research), makers of London's black cabs, posted a loss for the full year on lower sales but said it was confident of its medium-term prospects helped by cost savings with the start of taxi production in China.

The company said it slashed costs by reducing 20 percent jobs, salaries and daily output to combat falling sales during the year to Dec. 31, 2008.

The company, which started commercial production of the London taxi in Shanghai in January, said it expected the production cost of Chinese made TX4 model to be about 15,000 pounds per car.

Savings for the UK-produced TX4, incorporating Chinese components, are expected to be 2,000 pounds per car by the end of 2009, Chief Executive John Russell told Reuters by phone.

The current price of TX4, its Euro IV-compliant model launched in 2006, is 28,000 pounds to 34,000 pounds.

"While sales and margins were under pressure in the UK, our Chinese joint venture passed significant milestones," Russell said.

Shanghai London Taxis International (SLTI), the company's joint venture with Chinese car maker Geely Automobile Holdings Ltd (0175.HK: Quote, Profile, Research), will supply more than 90 percent of individual components required for the London taxi production.

Manganese Bronze said it had an indicative order book of 8,000 vehicles over the next three years with delivery starting in mid 2009.

SCRAPS DIVIDEND

Manganese Bronze said it would not pay a final dividend for 2008 as it reported a pretax operating loss before special items 5.4 million pounds for the year.

Pretax loss before exceptional items stood at 6.1 million pounds, while it recorded exceptional costs of 8.1 million pounds on account of its TX4 product recall and accounting impairments.

Three analysts on average had expected the company to post a pretax loss before special items of 5.1 million pounds, according to Reuters Estimates.

For the 17 months ended Dec. 31, 2007, it had earned 5.6 million pounds. The longer comparative period was due to its move to align year-end with its Chinese joint venture partner. On a like for like basis, UK sales declined by 37.5 percent for the year.

The company, which has a 2.5 million pound overdraft facility with HSBC Bank Plc (HSBA.L: Quote, Profile, Research), said it had renewed the facility up to the end of 2009 and its talks with the bank for future borrowings had been positive.

Shares of the company were down 15.6 percent at 57 pence at 1455 GMT on the London Stock Exchange. (Reporting by Ramkumar; Editing by Kavita Chandran and Gopakumar Warrier)
_________________________
Author:  Sussex [ Thu Mar 05, 2009 7:42 pm ]
Post subject: 
Methinks they might be sharing a room with Frazer Eagle soon.


:sad: :sad: :sad: :sad: :sad:
Author:  toots [ Thu Mar 05, 2009 7:49 pm ]
Post subject: 
Sussex wrote:
Methinks they might be sharing a room with Frazer Eagle soon.


:sad: :sad: :sad: :sad: :sad:


What would happen to the London Taxi then if they did :?
Author:  Reverand Jim 69 [ Thu Mar 05, 2009 10:08 pm ]
Post subject: 
toots wrote:
Sussex wrote:
Methinks they might be sharing a room with Frazer Eagle soon.


:sad: :sad: :sad: :sad: :sad:


What would happen to the London Taxi then if they did :?



Could be bought by another investor but it will probably not come to that. They are a motor dealer currently having a bad time. Strangely enough so are Toyota (who strangely enough are the most successful and efficient motor manufacturer in the world). They have currently asked the Japanese government for billions of bail out money. JD and Sussex have probably opened another thread on this story though. :roll:
Author:  captain cab [ Thu Mar 05, 2009 10:11 pm ]
Post subject: 
Reverand Jim 69 wrote:
JD and Sussex have probably opened another thread on this story though. :roll:


I think you'll find my retarded freind from the north is more of a critic than either of the chaps you mention......but I personally foresee a bailout :shock:

CC
Author:  Reverand Jim 69 [ Thu Mar 05, 2009 10:23 pm ]
Post subject: 
captain cab wrote:
Reverand Jim 69 wrote:
JD and Sussex have probably opened another thread on this story though. :roll:


I think you'll find my retarded freind from the north is more of a critic than either of the chaps you mention......but I personally foresee a bailout :shock:

CC



Hi CC. Maybe the amorous LTI salesman has been to several of the members boudoirs :lol: but really, perspective needs to be shown. If you look athe billions wanted by Jaguar, GM, LDV, Ford, Toyota, Nissan etc etc want, the LTI situation is pocket money. A few million quid in guaranteed loans and the company can get through 18 months or so and guarantee British manufacturing jobs. No brainer methinks :roll:
Author:  captain cab [ Thu Mar 05, 2009 10:25 pm ]
Post subject: 
Reverand Jim 69 wrote:


Hi CC. Maybe the amorous LTI salesman has been to several of the members boudoirs :lol: but really, perspective needs to be shown. If you look athe billions wanted by Jaguar, GM, LDV, Ford, Toyota, Nissan etc etc want, the LTI situation is pocket money. A few million quid in guaranteed loans and the company can get through 18 months or so and guarantee British manufacturing jobs. No brainer methinks :roll:


Perhaps.....but I think you're overlooking the specs for the proposed new all singing all dancing WAV :shock:

CC
Author:  Reverand Jim 69 [ Thu Mar 05, 2009 10:30 pm ]
Post subject: 
captain cab wrote:
Reverand Jim 69 wrote:


Hi CC. Maybe the amorous LTI salesman has been to several of the members boudoirs :lol: but really, perspective needs to be shown. If you look athe billions wanted by Jaguar, GM, LDV, Ford, Toyota, Nissan etc etc want, the LTI situation is pocket money. A few million quid in guaranteed loans and the company can get through 18 months or so and guarantee British manufacturing jobs. No brainer methinks :roll:


Perhaps.....but I think you're overlooking the specs for the proposed new all singing all dancing WAV :shock:

CC



Apparently no current vehicle measures up th the new regs!!! And probably never will. But LTI do make a vehicle to match existing regs whereas all the converters build a vehicle to the cheapest denominator and try to change the regs to suit. Maybe it is LTI's turn :lol:
Author:  captain cab [ Thu Mar 05, 2009 10:34 pm ]
Post subject: 
Reverand Jim 69 wrote:
Apparently no current vehicle measures up th the new regs!!! And probably never will. But LTI do make a vehicle to match existing regs whereas all the converters build a vehicle to the cheapest denominator and try to change the regs to suit. Maybe it is LTI's turn :lol:


who decided the specs Jim?

a single van conversion out there wont meet the specs....because they aint made the van yet.

consiracy theory?

CC
Author:  Reverand Jim 69 [ Thu Mar 05, 2009 10:42 pm ]
Post subject: 
captain cab wrote:
Reverand Jim 69 wrote:
Apparently no current vehicle measures up th the new regs!!! And probably never will. But LTI do make a vehicle to match existing regs whereas all the converters build a vehicle to the cheapest denominator and try to change the regs to suit. Maybe it is LTI's turn :lol:


who decided the specs Jim?

a single van conversion out there wont meet the specs....because they aint made the van yet.

consiracy theory?

CC



(1) The Government didn't they???
(2) No and if the manufacturer change their design again in the coming years they won't again
(3) Explain further please
Author:  captain cab [ Thu Mar 05, 2009 10:45 pm ]
Post subject: 
Reverand Jim 69 wrote:


(1) The Government didn't they???
(2) No and if the manufacturer change their design again in the coming years they won't again
(3) Explain further please


1, Yes, I'm sure they know all about measurements of wheelchairs and vehicle design :lol:

2, vans are van based not taxi

3, advice from interested parties?

CC
Author:  Reverand Jim 69 [ Thu Mar 05, 2009 10:48 pm ]
Post subject: 
captain cab wrote:
Reverand Jim 69 wrote:


(1) The Government didn't they???
(2) No and if the manufacturer change their design again in the coming years they won't again
(3) Explain further please


1, Yes, I'm sure they know all about measurements of wheelchairs and vehicle design :lol:

2, vans are van based not taxi

3, advice from interested parties?


Agree on 1 and 2. Who are the interested parties?

CC
Author:  toots [ Thu Mar 05, 2009 10:50 pm ]
Post subject: 
I think I'm going to laugh knowingly and walk away :lol:
Author:  Reverand Jim 69 [ Thu Mar 05, 2009 10:55 pm ]
Post subject: 
toots wrote:
I think I'm going to laugh knowingly and walk away :lol:



:lol: :lol:

CC will explain after school
Author:  captain cab [ Thu Mar 05, 2009 11:09 pm ]
Post subject: 
People who make the vehicles :wink:

CC
Page 1 of 5 All times are UTC [ DST ]
Powered by phpBB® Forum Software © phpBB Group
http://www.phpbb.com/