Piggybacked by a one-time tax gain, Ford Motor Company has posted its highest annual profit since 1998 and the second biggest in the firm's 109-year long history. The Blue Oval's net income for 2011 was US$20.2 billion or US$4.94 per share, an increase of US$13.7 billion, or US$3.28 per share, from a year ago.
However, most of the profit came from a one-time, non-cash special item of US$12.4 billion from eliminating a valuation allowance against the company’s net deferred tax assets.
Ford said that full year pre-tax operating profit was US$8.8 billion, or $1.51 per share, an increase of US$463 million from 2010.
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