Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Visitors welcomed with Eid initiative at Thee Ain Heritage Village in Al-Baha    Over 1 million pilgrims benefit from golf cart service at Grand Mosque during Ramadan    Saudi Arabia considers rent cap as part of major real estate reforms    Tebuk emir reviews rain response in Tayma    Messi's bodyguard banned from touchline at Inter Miami games    Screen time in bed linked to insomnia, study finds    Death toll from Myanmar earthquake rises to 2,719 as rescue efforts continue    Russia, Ukraine trade blame over new energy strikes    Putin orders Russia's largest military call-up in over a decade    Le Pen vows to appeal political ban, calls verdict a 'denial of democracy'    Haramain High-Speed Railway transports over 1.2 million passengers during Ramadan    Albania hosts MWL chief for Eid sermon at largest mosque in the Balkans    Ministry of Education forms 425 community partnerships with SR653 million impact    Saudi Transport Authority says passengers can ride for free if taxi meters are off    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Saudi creatives shine at Jeddah's Fawanees Nights with art, fashion, and storytelling    T1 CEO confirms Gumayusi's return for LCK Spring after lineup shakeup    100 Thieves claim Marvel Rivals Invitational NA crown as 2025 scene heats up    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Ford Motor Co loses 8.7 billion dollars in second quarter
Published in Saudi Press Agency on 24 - 07 - 2008


US automotive concern Ford Motor Company reported
Thursday that it lost 8.7 billion dollars in the second quarter of
2008 amid writedowns in the value of its assets and announced it
would speed up its move toward more fuel-efficient vehicles, according to dpa.
The Dearborn, Michigan-based company said the losses of 3.88
dollars per share compared with a net profit of 750 million dollars,
or 31 cents, in the second quarter of 2007. Excluding one-time
expenses the loss was 1.4 billion dollars, or 62 cents per share,
Ford said.
Revenues fell 13 per cent to 38.6 billion dollars, in part on the
sale of the Jaguar and Land Rover brands.
Sales remained strong in Europe, where Ford earnings doubled to
582 million dollars, and in South America, where profits rose to 388
million dollars up from 255 million dollars.
The company said it focus on shifting the production of several
additional plants in the United States and Mexico to small cars away
from petrol-guzzling sport utility vehicles beginning in December. It
also plans to bring several of its smaller cars that are popular in
Europe the United States.
"We continue to take fast and decisive action implementing our
plan and responding to the rapidly changing business environment,"
Ford chief executive Alan Mulally said in a statement. "Ford is
moving aggressively using our global product strengths to introduce
additional smaller vehicles in North America and to provide
outstanding fuel economy with every new product."
The loss reflected some 8 billion dollars' worth of writeoffs from
the decline in the value of its assets in North America and of the
lease portfolio of the Ford Motor Credit Company, a statement said.
The latest red-ink figures come shortly after Mulally said Ford
was giving up its hope of returning to the black again next year.


Clic here to read the story from its source.