Industry

Harley-Davidson profits slump by 91 per cent

Over 1,000 jobs to go as global economic downturn bites hard

AMERICAN MOTORCYCLE giant Harley-Davidson is cutting a further 1,000 jobs as the company's net profits fell by 91%.

Recent figures show a drop of $19.8m (£12m) for the April to June quarter, down 91% from the $223m profit for the same period last year.

Its quarterly revenues declined 27% to $1.15bn and the firm warned that unit sales for 2009 as a whole may fall by almost a third, reports BBC News.

"It is obviously a very tough environment for us right now, given the continued weak consumer spending in the overall economy for discretionary purchases," said Harley-Davidson chief executive Keith Wandell.

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