MG Rover will miss 2002 break-even target-paper

LONDON, May 20 The Daily Telegraph reported that loss-making British carmaker MG Rover will miss its break-even target this year because of tough European markets and the continued strength of the pound, a newspaper said in a report on Monday.

The paper also said MG Rover, whose future was thrown into doubt two years ago when it was sold by Germany's BMW for a nominal sum of just 10 pounds ($14.61), would next month report a loss of 200 million pounds for 2001.

A company spokesman was quoted by the Telegraph as saying the 2002 target had been "moved back by several months."

"When you have a two billion pounds business, reducing losses from 800 million pounds to zero, it is difficult to predict when you will move from a minus to a plus," the newspaper quoted the spokesman as saying.

In July last year, MG Rover reported a loss before exceptional items and tax of 254 million pounds for the eight months ended Dec. 31, 2000, and said it planned to become profitable in 2002.