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Ford yesterday produced a surprise by announcing its first quarterly profit since 2005.
The American giant made US$750 million ($958 million) between March and June, against a loss of US$317 million in the same period a year ago.
The improvement was put down to cost-cutting and the sale of its Aston Martin business for US$632 million.
Chief executive Alan Mulally said Ford expected a difficult second half and another loss as it pushed ahead with closing 16 plants and cutting up to 45,000 jobs in a big restructuring.
Analysts said the results pointed to faster-than-expected improvement for Ford in the US, but some said weaker results for Ford's finance division and the potential sale of its luxury Jaguar and Land-Rover businesses raised questions about earnings potential.
Ford also said it had cut costs by US$600 million in the second quarter and US$1.1 billion through the first half by reducing warranty costs and costs for pensioners' healthcare and having a smaller payroll.
Ford said it was talking "in greater detail" to parties interested in buying Jaguar and Land-Rover, including private equity houses.
The two brands employ about 16,000 workers in Britain. Land-Rovers are made at Solihull, Jaguar has a site at Castle Bromwich, Birmingham, and the two share a factory at Halewood, Merseyside.
- Independent
