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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.


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