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, or euro2.28 per share, compared with a loss of euro4.1 million in the same period 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 says it has access to cash of euro195 million and credit of euro255 million, and has no plans to issue shares to increase its negative equity of euro169 million.
Spyker bought Saab out of liquidation for US$74 million from General Motors Co. this year.