Pre-tax profits at the Irish arm of motor giant, Henry Ford decreased last year by 44 per cent as revenues plunged by more than €50 million.
New accounts filed by the Cork-based Henry Ford & Son Ltd show that the firm recorded pre-tax profits of €858,000 last year compared to €1.55 million in 2011. This followed revenues decreasing by 28 per cent, from €192.1 million to €138.6 million.
Managing Director of Henry Ford & Son Ltd, Eddie Murphy said: "No one is happy with a deterioration in revenue and profit, but it is what it is."
Mr Murphy said that the revenue drop was reflective of a difficult environment across the motor industry. “It is a difficult environment and do I see it changing any time soon? Not in the foreseeable future.”
Ford Ireland has 45 franchisees selling Ford vehicles across Ireland. “Everyone is eking out an existence and it is a survival existence,” Mr Murphy said.
Motor industry statistics show that Ford had the third highest market share last year with 10.8 per cent of the market behind Toyota and Volkswagen.
Mr Murphy said the new registration system, splitting the year into two, “has been a real fillip for the industry”.
