Thursday, January 28, 2010
Ford Motors Co., the automobile manufacturing firm, has posted an annual profit for the last year of US$2.7 billion, the first gain for four years.
The statistics are an improvement from 2008, when the car company posted a loss of close to $15 billion. For the final quarter of 2009, Ford says it made profits of $868 million, and expects to continue to be profitable this year. The company had cut its costs to $118.3 billion last year, $19.8 billion than the year previous. Ford had a $34.3 billion debt at the end of 2009.
In the fourth quarter, Ford brand sales were up thirteen percent compared to the same time in 2008 in the US, and obtained 15.3% of the automobile market in the country.
The firm’s president and chief executive, Alan Mulally, commented on the profits. “While we still face significant challenges ahead, 2009 was a pivotal year for Ford and the strongest proof yet that our One Ford plan is working and that we are forging a path toward profitable growth,” he said, adding that “global economic conditions are reviving but remain fragile.”