Thursday, January 29, 2009

Ford revenues and net loss

Ford reported biggest full year loss in its history
Ford the US carmaker company has reported the biggest full-year loss in its history. In the fourth quarter of 2008, Ford's revenue fell to $29.2bn, down from $45.5bn a year earlier. Its quarterly net loss of $5.9bn was bigger than expected by analysts. Ford said its net loss for the fourth quarter of 2008 was $5.9bn (£4.1bn). For the whole year, the loss amounted to a record $14.6bn.
Will Ford seek the help of government ?
Despite the loss, Ford said in a statement that it had "sufficient liquidity" to fund its restructuring plan and is not going to ask for government loans. Ford so far has not sought any government help unlike its rivals General Motors and Chrysler.Ford added that its credit division would cut 1,200 jobs, or 20% of the division's workforce.
Source : BBC

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