29 Jan 2011

Ford reports big profit

5:59 am on 29 January 2011

Ford has reported a profit of $US6.6 billion in 2010 - its best performance in more than a decade.

Sales volumes climbed by 20% as the company credited an improving economy for increased demand for its F-Series pickup trucks. Sales by value rose by 3% to $US120.9 billion.

The results represented Ford's second consecutive annual profit - with more than twice its 2009 earnings - but still came in below market forecasts.

The company said it had made money in every region including Europe, where last year it lost money.

Ford is the only major carmaker in the United States that did not take a government bail-out.

The BBC reports the last time it achieved such a large profit was in 1999.

Ford's 4x4 vehicles are more fuel-efficient than they used to be.

The 2010 results included $US853 million in charges for reducing the company's debt.

Ford also wrote off $US339 million charge for discontinuing the Mercury brand.