Williams takes a loss in 2012
|© Glenn Dunbar/LAT Photographic/Williams
Formula 1 team Williams made a pre-tax loss of £5 million ($7.76 million) last year due to several long-term investments, including one that makes hybrid systems for public transport.
The British-based team announced Monday its revenue increased 22 percent to £127 million ($197 million) compared to £104.5 million ($162.2) in 2011. But it still swung to a loss, compared to profits of £7.4 million the previous year.
It lost £2.6 million ($4 million) in Williams Hybrid Power, which produces hybrid systems and other motor sport applications based on the KERS system used in F1.
Williams has struggled in the early part of the F1 season and has yet to score a point in the first four races.
Want to be the fastest to lap up F1 content? ‘Follow’ us on TWITTER and ‘like’ us on FACEBOOK.