Ford 2012 second-quarter profit drops sharplyJuly 25, 2012 - 17:31 AMT PanARMENIAN.Net - Ford, the second-largest U.S. automaker, said Wednesday, July 25 second-quarter profit dropped sharply, as losses in Europe and overseas cut into North American gains, according to AFP. Ford reported profit in the quarter of $1.0 billion, less than half of what it earned a year ago. The results included a $404 million loss in Europe. Revenue of $33.3 billion marked a decline of $2.2 billion from the 2011 second quarter. Ford Motor Company said profits were driven by Ford North America and financial business Ford Credit, delivering the company's 12th consecutive quarterly pre-tax operating profit. Ford North America generated near-record pre-tax operating profit of $2 billion in the April-June period, and the company said its outlook for 2012 North America profits remains unchanged. In Europe, where Ford and other automakers have been suffering from slack sales amid the eurozone's sovereign debt crisis, the U.S. automaker said it now expects its full-year loss to exceed $1 billion. "The company recognizes the seriousness of the situation in Europe, and views the challenges the industry faces as more structural than cyclical in nature," the company, based in Dearborn, Michigan, said. "While Ford is affected significantly because of its strong presence in the region, the company understands what is needed to achieve profitability and to generate an appropriate return on investments." Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | About 32,000 rally in Yerevan to deman Pashinyan’s resignation About 31,700 people attended an opposition rally on Thursday, May 9 in Yerevan demanding the resignation of Prime Minister Nikol Pashinyan. Armenian, Azerbaijani Foreign Minister to meet in Almaty Armenian Foreign Minister Ararat Mirzoyan and his Azerbaijani counterpart Jeyhun Bayramov will meet in Almaty. Viva-MTS: Tech solutions to modernize infrastructure of border village The border village has been the focus of Viva-MTS and the Foundation for the Preservation of Wildlife and Cultural Values since 2015. Ucom's fixed network launched in Artashat To mark this occasion, the company has introduced a special offer exclusively for Artashat residents. |