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Fordâ€™s net profit hits record

31 January 2011 09:45 (UTC +04:00)

Baku - APA-Economics. US automotive concern Ford Motor Co. reported Friday it achieved net income of 6.6 billion dollars in 2010, its best result in a decade, Monsters and Critics reported.

The Dearborn, Michigan-based company said the net income full-year result came after fourth-quarter net earnings of 190 million dollars, down 79 per cent from 886 million dollars in the final quarter of 2009. In the quarter, Ford took a charge of 960 million dollars for debt-to-equity conversion.

The fourth-quarter earnings were the seventh straight quarterly profit.

The 2010 net result was the best since 2000, when Ford earned 8.3 billion dollars, and was more than double the 2009 figure of 2.72 billion dollars.

Revenues for 2010 came to 120.9 billion dollars, up 4 per cent from the year before.

Final-quarter revenues came to 32.5 billion dollars, down 7 per cent from the last quarter of 2009, with the figure reflecting the loss of revenues after Ford’s sale of Volvo to a Chinese buyer.