This compares with a 5.7 million loss last year, when it shed 10 per cent of its staff as the recession cut into sales.

But recession cut in and transferrable allowances were never introduced.

The 1995 recession cut its revenues from us$3.1 billion to us$2.4 billion, and led to an us$1.2 billion debt.

These businesses, often backed by private-equity houses, are finding it hard to pay interest bills as the recession cuts into sales and profits.

Oil shares have been hit by fear of global recession cutting oil demand.