Ford turns a profit

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Ford, the only one of the “Big Three” US carmakers not to have gone bankrupt, has reported a quarterly profit of $2.3bn (£1.4bn).

However, the profit was largely due to one-off gains related to debt restructuring, with demand for new cars remaining weak.

Excluding the gain, Ford said it made an operating loss of $424m.

Ford boss Alan Mulally said the business environment was “extremely challenging” worldwide.

Despite the economic downturn, Ford said it gained market share in all the regions in which it sells cars when compared with the second quarter of 2008.

Source: BBC News