BY CHRONICLE STAFF
As the U.S. economy worsens, Latin America continues to drive growth for U.S. and European multinationals ranging from Ford and American Airlines to Electrolux and Nokia, their first quarter results show. Here is an overview of the results for 42 companies grouped by their industry sector.
U.S.-based Ford reached South American profits of $257 million in the first quarter, a 127.4 percent increase from the same period last year, the company said in a statement. That compares with a loss of $45 million in North America and a mere $1 million profit in Asia. South America revenues grew by 38.5 percent to $1.8 billion.
U.S.-based General Motors' Latin America, Africa and Middle East (GM LAAM) division posted an all-time first quarter record in 2008, selling 323,400 vehicles, up 52,900 units over the same quarterly period in 2007, the company said in a statement. First quarter GM sales records were set by Brazil, Chile, Ecuador, Venezuela and other countries. It id not provide quarterly revenue figures for the region.
Sweden-based Scania boosted Brazil net sales by 49 percent to 2.0 billion Swedish kronor (US$334 million), but overall saw Latin America...
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