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Ford financials on the turn

Ford Motor Company has posted a narrower third-quarter loss than analysts expected and said it remains on track to produce profits in 2009.

Ford reported a net loss of $380 million (£181.3m) and came relatively close to breaking even on an operating basis, losing $24m (£11.5m). Revenue grew by $4 bn (£1.9bn), to $41.1bn (£19.6bn).

Alan Mulally, president and chief executive, said: "Our third-quarter performance is very encouraging. The results give us a lot of confidence we're moving in the right direction."

Mulally said Ford's operating results will be "close to break even" this year before restructuring costs and other charges.

Ford also announced it would be keeping its Volvo brand from its Premier Automotive Group. PAG brand’s include Jaguar and Landrover which Ford is still looking to offload.



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