The Ford Motor Credit Company reported an 88 per cent fall in
net profit for the first quarter of 2008 to $24m (£12m) as it
provided more for credit losses, depreciation of leased vehicles
and marked losses for the market value of its derivatives.
Ford Motor Credit said these items were partially offset by
lower expenses and higher financing margins. On a pre-tax basis,
profits were $36m (£18m) compared with $293m (£147.5m) the previous
year.
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“We had a challenging first quarter due to market conditions and
the slowing economy,’ said chairman and CEO Mike Bannister.
As at end March, Ford Motor Credit reported on-balance sheet net
receivables of $141bn (£71bn), little change from the $140bn
reported as at year-end 2007.
Motor Finance Issue: 43 – May 08
Published for the web: May 23 08 16:0
Last Updated: May 23 08 16:0
