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Old 10-22-2003, 06:09   #1 (permalink)
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Asia:Ford's Turkish unit posts profit after loss in 2002

By Detroit News staff reports, Bloomberg News and wire services

ISTANBUL -- Ford Otomotiv Sanayi AS, Ford Motor Co.'s Turkish unit and the biggest maker of commercial vehicles in the country, posted its second straight quarterly profit after a new plant boosted production and sales improved.

The Istanbul-based company's net income was 77.1 trillion liras ($55 million) in the third quarter, according to figures sent to the stock exchange, compared with a 61.9 trillion lira net loss in the same period last year.

Ford Otosan, as the company is known, has built a plant in Izmit, a city east of Istanbul, to make light trucks. The plant opened in the fourth quarter of 2002 and will produce 140,000 vehicles this year. The company has also benefited from rising domestic sales as demand recovers from a record decline in 2001.
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