Ford’s part-owned Turkish venture, Ford Otosan, has reported a jump in first quarter net profits, although the figures compare to a particularly weak first quarter last year.
Net profit jumped 130% to 71m lira (US$47m), while sales were up 66% to 1.394bn lira.
Ford Otosan was hit particularly hard by the economic crisis this time last year. However, in a statement the company said that operating profit for this year’s Q1 reached 93m lira, up 206% year-on-year.
Operating margin rose to approximately 7% from 4% a year ago, reflecting higher capacity utilisation rate and significantly higher sales volume, the company said.
“In the months ahead we expect a continuation of the improvement in our profitability together with a rise in production and unit sales,” it added.
In the first Quarter, the Turkish automotive market grew by 8% compared to the same period last year, the company said. Ford Otosan’s domestic sales increased by 40% to 17,085 units. Export revenues grew by 87%.
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