CNH loses £21.2m in three months

Case New Holland (CNH) has reported today (Thursday) a third quarter net loss of £21.2m, a better performance than the same period last year when the net loss stood at £38.9m.

Net sales of equipment are up 12% for the quarter, driven by strong sales of company's agricultural and construction equipment.

Net sales of construction equipment were £396m, essentially unchanged from the third quarter of 2002. The company said sales of heavy equipment increased worldwide, led by growth in Asia and North America.

CNH anticipates sales of heavy construction equipment for the fourth quarter of 2003 will continue to rise, while sales of light construction equipment are expected to decline - especially in Western Europe - in line with the current trend.