Thursday, March 28, 2024 | Ramadan 17, 1445 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Restructuring costs hit Ford earnings

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New York: Ford reported a steep decline in second-quarter profits due to large restructuring costs and a disappointing earnings forecast for the year, sending shares sharply lower. The US automaker reported profits of $148 million, an 86 per cent drop from the year-ago period.


Revenues fell 0.2 per cent to $38.9 billion.


The drop reflects $1.2 billion in one-time costs connected to restructuring in Europe and Latin America that have resulted in thousands of jobs losses and plant closures. — AFP


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