Ford yesterday posted a US$2.3 billion (Dh8.44bn) quarterly profit on one-time gains as it narrowed its operating loss to $424 million.
The second-quarter net profit, better than market expectations, resulted from special one-time gains of $2.8bn linked to debt reductions. That compared with an $8.7bn loss in the same period a year ago.
The operating results, an important indicator of the struggling car giant's health, translated to a loss of 21 cents a share compared with Wall Street forecasts of 48 cents.
Revenue was also better than expected at $27.2bn, down $11bn from the same period a year ago as the company conducted a huge restructuring that included selling some operations.
"While the business environment remained extremely challenging around the world, we made significant progress on our transformation plan," said Alan Mulally, the Ford president and chief executive.
Ford said it "remains on track to achieve or exceed all of its 2009 financial targets and most of its operational metrics", and that it expected full-year market share in the US and Europe to improve compared with last year.
Ford is the only one of the "big three" Detroit car makers (with GM and Chrysler) to survive without a government bailout.
In Asia, Hyundai, South Korea's largest car maker by sales, yesterday posted a 48 per cent jump in second-quarter net profit, aided by shareholding gains from affiliates in China and India, and tax incentives that boosted domestic sales.
Net profit for the three months that ended on June 30 jumped to 811.9bn won (Dh2.38bn), its highest quarterly net profit, from 546.9bn won a year earlier, the company said in a regulatory filing.
Positive results also came from other sectors. The US defence contractor Raytheon yesterday reported a profit of $489m for the second quarter compared with $426m a year earlier.
Sales rose 4 per cent to $6.1bn. Raytheon supplies Patriot missile defence systems and other military electronics to the UAE, among others.
From the financial sector, investment banking helped Credit Suisse to beat second-quarter profit forecasts despite a large accounting charge as the bank continues to cut its balance sheet and win market share.
Credit Suisse said it made a net profit of 1.6bn Swiss francs (Dh5.51bn) in the three months to the end of last month, which compared with an average forecast of 1.4bn francs given in a Reuters poll.
The bank's net figure was up 29 per cent from the previous year but down 22 per cent from a better than expected 2bn francs in the first quarter of the year
Credit Suisse, which has overtaken UBS as Switzerland's largest bank by market value, has proved resilient in the subprime crisis but predicted conditions would remain tough.
* With Agencies
The specs
Engine: 2.5-litre, turbocharged 5-cylinder
Transmission: seven-speed auto
Power: 400hp
Torque: 500Nm
Price: Dh300,000 (estimate)
On sale: 2022
Who is Tim-Berners Lee?
Sir Tim Berners-Lee was born in London in a household of mathematicians and computer scientists. Both his mother, Mary Lee, and father, Conway, were early computer scientists who worked on the Ferranti 1 - the world's first commercially-available, general purpose digital computer. Sir Tim studied Physics at the University of Oxford and held a series of roles developing code and building software before moving to Switzerland to work for Cern, the European Particle Physics laboratory. He developed the worldwide web code as a side project in 1989 as a global information-sharing system. After releasing the first web code in 1991, Cern made it open and free for all to use. Sir Tim now campaigns for initiatives to make sure the web remains open and accessible to all.
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The biog
Occupation: Key marker and auto electrician
Hometown: Ghazala, Syria
Date of arrival in Abu Dhabi: May 15, 1978
Family: 11 siblings, a wife, three sons and one daughter
Favourite place in UAE: Abu Dhabi
Favourite hobby: I like to do a mix of things, like listening to poetry for example.
Favourite Syrian artist: Sabah Fakhri, a tenor from Aleppo
Favourite food: fresh fish
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Specs
Engine: 3.0L twin-turbo V6
Gearbox: 10-speed automatic
Power: 405hp at 5,500rpm
Torque: 562Nm at 3,000rpm
Fuel economy, combined: 11.2L/100km
Price: From Dh292,845 (Reserve); from Dh320,145 (Presidential)
On sale: Now
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The Greatest Royal Rumble card as it stands
50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
WWE World Heavyweight Championship AJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Chris Jericho
Singles match John Cena v Triple H
Cruiserweight Championship Cedric Alexander v tba
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Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort: