Monday, January 28, 2008
Ford remains in the red
Ford remained in the red last year despite cutting its losses compared to 2006.
The Detroit carmaker reported a loss of $2.7bn (£1.3bn) – down from $12.6bn 12 months previously.
The sharp drop in deficit prompted Ford to claim its turnaround plan was on track.
Its global revenue increased $14bn year-on-year to almost $174bn. Ford continued its cost cutting measures last year – particularly in its domestic market of North America where it is set to close 10 plants and cut 40,000 jobs.
Ford posted a pre-tax loss of $1.1bn from its automotive operations for the full-year, down from $5.1bn in 2006.
DATED: 28.01.08
FEED: MT
