Bucharest - Ford Motor Co's Romanian plant saw profits drop by more than 26 per cent in the first half of 2008 on weaker sales, news reports said Tuesday.
Net income at the Craiova plant, which is being upgraded to start vehicle production next year, fell to 1.08 million lei (454,000 dollars), the Mediafax news agency said. Sales fell by 4 per cent, the report said.
Ford last year agreed to pay Romania's government 57 million euros (79 million dollars) for a 72-per-cent stake in the plant, which was originally taken over by South Korean automaker Daewoo in the 1990s.
The move confirmed Romania as a rising auto industry hub after Renault's Dacia unit racked up strong sales with budget-priced cars.