The US car maker Ford Motor Company reported on Thursday profit of 750 million dollars in the second quarter of 2007 in a vast turnaround from losses of 317 million dollars in the same period last year.

With this result, this is the first quarter in which Ford is making profit after seven straight quarterly losses.

We continue to focus on the four priorities of our plan - restructuring the business to operate profitably, accelerating the development of new products that our customers want and value, funding our plan and improving our balance sheet, and working even more effectively together as one global Ford team, leveraging our assets," said Ford President and Chief Executive Officer Alan Mulally. "Our team is very encouraged by the significant progress we are making. We recognize the challenges that lie ahead and remain fully committed to delivering our plan."

Operating profits in the second quarter came to 258 million dollars or 13 cents per share, compared with operating losses a year earlier of 118 million dollars.

Special items, which primarily reflected the sale of Aston Martin and the recognition of previously deferred gains on certain hedges at Jaguar and Land Rover, increased pre-tax results by $443 million in the second quarter. Ford sold Aston Martin unit for 848 million dollars in May.

Also Ford announced is conducting a strategic review of Volvo that likely will conclude prior to year-end.

Earlier this month, Ford officials denied media reports about its intention to sale Volvo brand. Volvo, the flagship of Ford's Premier Automotive Group, was bought by the American company in 1999 for $6.95 billion.