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Kwik-Fit Deal

Ford has reduced its losses and predicted...

Ford has reduced its losses and predicted a "slight" profit for the final months of 2002.
Ford has reduced its losses of $700m to $326m for 90-days period ending 31 September.

The result was achieved mostly thanks to the sale of Kwik-Fit, the British-based car-repair business that was sold at a loss.

Excluding the $525m charge associated with the Kwik-Fit Ford earned 12 cents a share while analysts predicted only four. Profit for the third quarter raised 9% up to $39.58bn. at the same time the number of vehicles sold also rose 9%, to 1.66 million units.

It is expected profits for the remaining three months of 2002 would be 40 cents a share.