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Old 10-25-2002, 06:03   #1 (permalink)
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Read Polites says Ford is close to profits

Ford Australia is on track for an improved result in calendar 2002 and will come close to turning a profit after two years of losses, Reuters reported.

Reuters said the ‘Down Under’ Ford operation reported a $A5.5 million ($US3.0 million) after-tax loss in 2001, improving on a A$16.1 million loss in 2000.

”I would think we would be better than last year and we will be close to a profit," Ford Australia president Geoff Polites told Reuters.

Polites said the final result would depend on factors including production levels over the next few months, Reuters said.

"We have pretty well maximum overtime scheduled between now and the end of the year," Polites told Reuters, adding: "There are no excuses in 2003. I would expect to have a better year next year and be significantly more profitable."

Ford Australia is seeking an improved performance from the release of a new Falcon range and last year announced it would spend around $A500 million on a new vehicle line which it will launch in 2004, Reuters said.

Australian sources say that line will be a Falcon-based ‘crossover’ sports utility type of vehicle with four-wheel drive.

Polites told Reuters that Australia's four car makers – Ford, General Motors Holden, Toyota and Mitsubishi – have seen their share of the domestic market fall from 51% in 1993 to an expected 30% this year, although their volumes have remained about the same as the total market has increased.

Ford’s three rivals all export to offset a lack of domestic market expansion opportunities.

Holden ships right hand drive Commodores to New Zealand while left-hand Chevrolet-badged versions go to the Middle East and South America. The GM arm is also about to start sending Vauxhall-badged Monaro sports coupes to the UK and will build a Pontiac version for the USA from 2003.

Toyota ships its right hand drive Camry to New Zealand and South Adrica, the Avalon to New Zealand and left hand drive Camrys to the Middle East while Mitsubishi builds versions of its Magna for the USA (where it is sold as the Diamante) and Middle East. Ford, in contrast, ships only right hand drive Falcons to New Zealand, South Africa and some small South Pacific markets.

"We have got a different plan,” Polites told Reuters this week. “Our view is that we can grab a greater share of the domestic market by doing something different, so we are introducing a new product."
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Old 10-25-2002, 06:48   #2 (permalink)
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in the general scheme of things, $5.5 mill loss is nothing to a cmpany the size of ford. it represents 1% of the cost of barra, and with the excellent response barra has received, i think ford will pull out of this inside 12 months.

when you consider fords product line up, and the apparent apathy that holden show to their customers, give it a couple of years, and holden execs will be scratching their heads wondering how they let ford pass them in the sales race.
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Old 10-25-2002, 09:50   #3 (permalink)
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in the general scheme of things, $5.5 mill loss is nothing to a cmpany the size of ford.
I don't think it matters how large a company is and the size of their loss, its still a bad situation to be in.
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Old 10-25-2002, 18:24   #4 (permalink)
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no company likes to make a loss, but when you consider the money that has been spent on barra, it isnt a problem. looking at fords entire operation, meaning assets, turnover, projected earnings, R&D expenses etc, $5mill is somthing that they can trade out of in no time.

i work for a smaller company (although still a big firm) that posted a couple of successive $100mil losses in the early nineties. it was basically the excesses of the 80's catching up with us, and we now post profits of approx $150mill.

it is important to look at everything else around the profit result, not just the $5mill in isolation. with the current ford line up, and the vehicles coming on line, i am sure geoff wouldnt be bothered by a loss like that.
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Old 10-26-2002, 06:37   #5 (permalink)
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a loss is good for the ol' tax return IMO !
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Old 10-26-2002, 15:57   #6 (permalink)
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a loss is good for the ol' tax return IMO !
No ford made a profit before tax. The tax is what caused the loss as such a big company has huge tax bills.
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Old 10-26-2002, 19:15   #7 (permalink)
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No ford made a profit before tax. The tax is what caused the loss as such a big company has huge tax bills.
I don't think they would be taxed at all when their in the red
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Old 10-26-2002, 19:44   #8 (permalink)
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NO, thats why it's an after-tax loss margin. They get taxed regardless, unless they are bankrupt. You watch, next year I think Ford will make a small profit (if not cut even) because the sales of the BA will go back into the $500m needed to build them, and then in 2004/2005 the big money shall roll in.
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Old 10-27-2002, 00:00   #9 (permalink)
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comparing different company fiances(sp) is not going to give you an accurate picture of the companies, although acounting practices in Australia are stricter then overseas there still is a difference altough very minor indeed.
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Old 10-27-2002, 13:27   #10 (permalink)
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Re: Polites says Ford is close to profits

Quote:
Originally posted by RPO83
Ford Australia is on track for an improved result in calendar 2002 and will come close to turning a profit after two years of losses, Reuters reported.
That's great news.

Quote:
Originally posted by RPO83
Holden ships right hand drive Commodores to New Zealand while left-hand Chevrolet-badged versions go to the Middle East and South America. The GM arm is also about to start sending Vauxhall-badged Monaro sports coupes to the UK and will build a Pontiac version for the USA from 2003.

Mmmm...Holden will be busy exporting Monaros to UK as well as USA. I hope for their sake they don't sacrifice quality for quantity. They don't have a brilliant reputation as it is.
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