Aston Martin Posts Another Annual Operating Loss

Operating losses at British supercar maker Aston Martin Lagonda Ltd. jumped last year to 28 million from 5 million in 2011. Revenue plunged 13% to 429 million.

Net earnings swung from a restated 1 million in 2011 to a loss of 21 million. The company blames the effects of economic recession and launch costs associated with its new DB9 and Vanquish cars.

Aston Martin also booked an impairment of 8.5 million (€10 million) associated with phasing out the 31,000 (€36,600) Cygnet city car it introduced in 2011. The company reportedly sold only 143 units of the little coupe, an iteration of Toyota Motor Corp.'s 9,400 (€11,100) iQ mini, before ending production this summer.

The company, which did not disclose its own sales for the year, notes that the high luxury sports segment in which it competes totaled only 67,500 vehicles worldwide last year, down 39% from its peak in 2007.