Struggling US car giant Ford Motor Company today posted a hefty quarterly net loss of $5.8 billion and said it would have to restate earnings since 2001.
Ford's loss for the third quarter ended last month included heavy provisions for its hard-hitting restructuring plan, which foresees plant closures and thousands of job cuts to restore profitability.
With those provisions omitted, its loss came to $1.2 billion, compared to $191m a year earlier. That translated into a loss of 62 cents per share, a penny more than Wall Street's average forecast of 61 cents.
The Ford group's turnover in the quarter was down 6% at $32.6 billion.
In a surprise move, Ford also announced that it would recalculate results from 2001 to the third quarter of 2006 'to correct the accounting for certain derivative transactions' by its consumer credit division.
