Ford Otosan posted a 130 percent jump in Q1 net profit to $47 million

Article by Christian A., on August 29, 2010

Matching forecasts, Ford Otosan in Turkey posted a 130% climb in first-quarter net profit to 71 million lira ($47 million). Ford Otosan further predicted that its profitability will continue improving.

Ford Otosan, a venture between Ford Motor Co. and Turkey's Koc Holding, recorded sales in the first quarter to rise by 66% to 1.394 billion lira.

When compared to the first quarter of 2009, profit had almost halved and sales were lower by nearly 60%. In the later part of 2009, the economy started to recover and it's expected that it is on the track to recovery.

In a statement, Ford Otosan revealed that its operating profit margin had grown to 7% in the first quarter from 4% a year earlier as capacity utilization, production and sales volumes increased.

The unit further said that in the next few months, its profitability will continue to improve, along with a rise in production and unit sales.

Ford Otosan's total market share increased to 15.1% at end-March from 13.4% a year earlier. Meanwhile, its market share in light commercial vehicles increased to 21.1% from 17.9 and in passenger cars to 10.1 from 8.9%.

Topics: ford, profit, turkey

If you liked the article, share on:

Comments

Recommended

British luxury automaker Aston Martin celebrates its new partnership with the Henley Royal Regatta sporting event by designing a one-off DB11 sports car that they recently revealed. The car explores...
by - June 28, 2017
The 2018 Dodge Challenger SRT Hellcat as we know, is the Demon's less powerful sibling, and there’s nothing wrong with that. But have you ever imagined how it would look...
by - June 28, 2017
Sorry Uber, but Handsome Cabs taxi company has something no one else can offer - a Lamborghini Huracan that can take their clients from Point A to Point B. This...
by - June 28, 2017
BMW saw a potential oil leak on the new M760Li, prompting them to recall the said vehicle last April. Today, a little over two months after issuing the first recall,...
by - June 28, 2017
Without a doubt, the SUV segment is getting increasingly more saturated. This month alone, we were greeted with city-oriented SUVs from the Kia Stonic to the Hyundai Kona, and now...
by - June 27, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries