AMSTERDAM (Reuters) -- Spyker Cars NV, the money-losing Dutch sports car maker that acquired Saab from General Motors Co. earlier this year, said Friday it posted a first-half loss of 139.1 million euros ($177.2 million) while it trimmed Saab's sales targets and said it would lose money through next year.
The company acknowledged it may have been too optimistic on Saab's earlier targets but Spyker CEO Victor Muller said the company had sufficient liquidity and would not have to recapitalize despite reporting negative shareholders' equity.
Spyker, a loss-making manufacturer that produces a handful of high-end sports cars annually, stunned markets when it launched its bid for Saab. While it pulled off the deal, its complicated financing has raised questions about whether it can sustain itself while it turns the Swedish brand around.
The company said Friday it had net cash of 280 million euros and undrawn facilities of 266 million euros from a European Investment Bank loan. Together, Muller said that would carry the company through to its 2012 profitability target.
For the first half of the year, Spyker said it posted a loss of 139.1 million euros on sales of 243.1 million euros. The company did not provide year-earlier comparisons.
In a statement, the company said: "Given the effective shut down in Saab's operations during the first months of 2010, the first half year cannot be seen as representative in terms of volumes and operating results, but as a necessary episode from which Saab will build going forward."
Spyker said its near-term sales goal for Saab is 45,000 units this year. For 2011 it forecast sales of 80,000 units and it kept a long-term goal for sales of 120,000 cars per year.
Saab CEO Jan Ake Jonsson said last month he was confident it could reach a goal of selling 45,000 to 50,000 cars this year.
"Maybe we were a little bit optimistic" about the high end of the range, Jonsson told reporters, adding that Saab's restart when it came out of liquidation took longer than expected.
Jonsson added he is optimistic about the newly launched Saab 9-5, which is just now arriving in the United States and ramping up in Europe after the summer holidays. He said it would take about a month to get a sense of how the car is performing.
The loss was published two days after the group said its debts had become larger than its assets.
Muller said the issue was purely an accounting one, having to do with the way certain items are classified under international rules as opposed to Swedish accounting standards. He also said Spyker is still pursuing a second share listing in Stockholm, though it could eventually consider de-listing from Amsterdam as well.