Ford revenues up but profits slip

Car manufacturer Ford has reported that fourth quarter operating profit fell to $1.1bn (£700m), down $189m (£120m) on the same period last year, as the firm failed to meet analysts' targets.

This is despite quarterly net income of $13.6bn (£8.65bn), a $13.4bn (£8.46bn) increase from fourth quarter 2010. Revenues shot up thanks to a one-off $12.4bn (£7.89bn) boost from deferred tax assets.

The firm's automative division produce a pre-tax operating profit of $586m (£373m) for the fourth quarter, almost matched by the contribution of $506m (£322m) from the firm's credit arm.

Year end profit was $8.8bn (£5.6bn) on revenues of $20.2bn (£12.85bn).