Indiacar News-Russian Ford subsidiary lost 60m rubles in 2005

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Russian Ford subsidiary lost 60m rubles in 2005

The Interfax news agency has reported that Ford Motor Co's Russian subsidiary ended 2005 with net losses of 60 million rubles, having made profits for the previous two years, according to the Russian 'SPARK' database.

Ford's Russian subsidiary had revenue of 14.88 billion rubles in 2003, 24.2 billion rubles in 2004 and 39.2 billion rubles in 2005. The company's long-term loans and borrowings grew to 2.9 billion rubles in 2005 from 2.1 billion rubles a year earlier. The operation recorded a net profit of 680 million rubles in 2003, its most successful year in Russia, following net losses of 649 million rubles in 2002 and 453 million rubles in 2001. Net profit, however, fell to 332 million rubles in 2004.

Ford's Russian activity centres on the plant it opened in 2002 near St Petersburg, in which it invested about $230m.

Source : http://www.autoindustry.co.uk (8/15/2006)

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