$87 million loss for Ford Australia
President Bill Osborne describes 2007 as "a challenging year"Ford has announced a loss for the 2007 fiscal year that more than doubles the previous financial year's loss.
The company had reported a $40 million loss for 2006 (more here), but that figure pales in comparison with the $87.2 million after-tax loss for 2007.
"Ford Australia experienced a challenging year in 2007, with the ongoing transition of our product mix contributing to lower sales volume and market share," said Ford Australia President, Bill Osborne.
"We continued to make significant investments in our facilities that will help secure the long-term future of Ford in Australia. These will further establish our business as a centre of automotive design and engineering excellence in the development of class-leading vehicles for Australia and overseas markets."
The company's sales decline in 2007 (6894 fewer units sold) was not as bad as it had been in 2006 -- when Ford sold over 14,000 units less than the total for 2005.
In addition to the lower sales for 2007, Ford has likely accounted for a substantial part of the development costs of the FG Falcon this year, further subtracting from the net revenue of $3.3 billion.
With a full year of sales ahead of the Ranger light commercial and the new Falcon range, Ford will be looking forward to a better year in 2008.
To comment on this article click here
Tags
Please see our Editorial Guidelines & Code of Ethics (including for more information about sponsored content and paid events). The information published on this website is of a general nature only and doesn’t consider your particular circumstances or needs.
