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Ford Profits Were Down 34% in 1961
Page 84
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ADROP of 34% in profits before tax in 1961 is announced by the Ford Motor Company of England. The profits were £22,200,000, compared with
£33,700,000 in 1960. Income after tax was down from £18,800,000 to £14,300,000.
The chairman, Sir Patrick Hennessy, reports an "even more serious " deterioration in profits in the first quarter of this year and he attributes the 1961 decline mainly to rising costs. The value of total sales last year fell by only four per cent. —from £268.7m. to £259m.
Despite this, the expansion programme is going ahead. Capital outlay in 1961 exceeded L34m., by far the most ever spent in one year and more than the total F2
in the previous two years combined, yet an even higher figure is planned for 1962. Sir Patrick says that in every four weeks of this year they will be investing more than in the whole of 1952.
4,900 FROM DAF
THE van Doorne's vehicle works of Eindhoven, Holland, producers of DAF commercial vehicles and private cars, announce that last year they sold approximately 4,900 commercial vehicles. The company now have a home market share of 34 per cent. of commercial vehicles of over 4 tons and of 53 per cent. of coach chassis. Commercial-vehicle production at the Eindhoven works is now 120 units per week.