DETROIT -- Delphi Corp. says it is eliminating its quarterly dividend for the remainder of 2005.
The quarterly dividend had been 1.5 cents a share. Delphi said it will re-evaluate the policy in the first quarter of 2006.
The supplier had a second-quarter net loss of $338 million as a result of lower Big 3 production and greater labor and material expenses. It is seeking concessions from the UAW and assistance from General Motors, and has been considering bankruptcy.
Delphi, of Troy, Mich., ranks No. 2 on the Automotive News list of the top 100 global suppliers with worldwide original-equipment automotive parts sales of $24.10 billionin 2004.