Ford makes a rare profit

23/07/09 20:37 CET

corporate

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Ford has posted a 2.3 billion dollar quarterly net profit (1.6 billion euros) but that was not from selling cars, rather from restructuring the company’s debt.

Ford’s operating loss for the quarter was better than analysts expected at 638 million dollars (447 million euros). Its market share in the United States increased and it was made progress on cutting costs. The second biggest US carmaker’s shares shot up after it said it is on track to at least break even in 2011, adding it expects the US economy to begin to recover in the second half of this year and its cash flow to improve. Car industry analysts said they were impressed by the fact that Ford has dramatically reduced the pace at which it is burning through cash to one billion dollars in the second quarter from 3.7 billion in the first quarter.More about: Car industry, Ford

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