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Ford Motors Reports $750 Million Profit


U.S.-based automaker Ford Motor Company has reported a $750 Million profit in the April through June quarter, breaking a nearly two-year streak of consecutive quarterly losses.

Thursday's profit report came as a surprise to many analysts who had expected further losses from the struggling auto company.

Ford's profit is attributed to increased sales worldwide, as well as the recent sale of its Aston Martin operation.

Ford Chief Executive Alan Mulally said the results are proof that an overall cost-reduction plan is working, but warned that the second half of this year will be difficult.

The second-largest U.S. automaker is trying to recover from losses that totaled about $12.5 billion last year. To regain profitability, the company launched a major restructuring plan that involves closing 16 factories and eliminating up to 44,000 jobs.

Some information for this report was provided by AFP, AP and Reuters.

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