Ford's European unit posts a profit for 2007

Ford of Europe more than doubled its pretax profits to $997 million in 2007.

Improved sales volumes, a better mix of sales, and cost reductions helped the company improve its performance from a $455 million profit in 2006, Ford said in a statement.

Full year revenues increased to $36.5 billion from $30.4 billion in 2006.

Fourth quarter profits were similar to last year at $223 million compared with $218 million a year ago, while revenue was $10.4 billion, up from $8.8 billion.

Ford's Premier Automotive Group (PAG) made a pretax profit of $504 million last year, compared with a $344 million in 2006.

Ford said cost reductions, volume growth and higher net pricing at Land Rover helped to offset unfavorable currency exchanges rates and an adverse model mix.

PAG includes Ford's Jaguar, Land Rover and Volvo brands. Ford is selling Jaguar and Land Rover but keeping Volvo.

Full year revenues for PAG were $33.2 billion, up from $30 billion.

Although Volvo was loss making for the full...

Last Update on : January 30, 2008   

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