FRANKFURT (Reuters) -- Adam Opel, the German unit of General Motors, had an operating loss of about $495.2 million for 2003, a German newspaper reported, citing company sources.
The Frankfurter Allgemeine Zeitung said in an advance copy of Friday's edition that the reason for the big loss was lower-than-expected sales. It said the second half of the year had been hit by strong competition and rebates.
An Opel spokesman declined to comment. The company is expected to announce 2003 results Friday.
Opel, which is in the middle of a turnaround plan, posted an operating loss of $281 million in 2002 after a record loss of $835 million in 2001.
Opel is part of GM Europe, which earlier this month reported larger-than-expected losses for 2003.