Ford Motor Co said on Monday it expects to post a pre-tax loss of about $600 million (Dh2.2 billion) for the first quarter as the coronavirus pandemic pummeled its operations, resulting in a 21 per cent drop in vehicle sales to dealers versus the same quarter in 2019.
Only Ford’s joint ventures in China, where the coronavirus pandemic has been receding, are currently producing vehicles. The car maker said it is working on a scenario for a phased restart of its manufacturing plants beginning in the second quarter.
"However, we believe we have sufficient cash today to get us through at least the end of the third quarter with no incremental vehicle production and wholesales or financing actions," chief financial officer Tim Stone said in a statement.
As of April 9, Ford said it had about $30bn in cash on its balance sheet, including $15.4bn it borrowed last month against two existing credit lines.
Ford said any decisions on restarting its plants will be made "in cooperation with local unions, suppliers, dealers and other stakeholders".
It said it expects its first-quarter adjusted loss before interest and taxes to be about $600m, compared with a profit of $2.4bn a year earlier.
The company said it expects to report revenue of about $34bn for the quarter.
'THE WORST THING YOU CAN EAT'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
Bio
Age: 25
Town: Al Diqdaqah – Ras Al Khaimah
Education: Bachelors degree in mechanical engineering
Favourite colour: White
Favourite place in the UAE: Downtown Dubai
Favourite book: A Life in Administration by Ghazi Al Gosaibi.
First owned baking book: How to Be a Domestic Goddess by Nigella Lawson.
