Advertisement

car

Fiat surprises with profit leap

AFP
AFP - [email protected]
Fiat surprises with profit leap
Fiat's turnover has grown by 4 percent in 12 months. Photo: Rosie Scammell/The Local

Italian auto giant Fiat reported a huge increase in second-quarter profit on Tuesday but its share price plunged after US partner Chrysler revised down its 2013 financial targets.

Advertisement

 Fiat said its net earnings came in at €435 million - 82 percent more than in the same quarter last year.

This was more than had been expected by analysts polled by Dow Jones Newswires who had forecast a result of €305 million.

Without counting the Chrysler accounts, however, Fiat clocked a net loss of €247 million - about the same as in the second quarter of 2012.

Fiat also said its turnover had grown by 4 percent to €22.3 billion over the 12-month period, while debt had gone down to €6.7 billion.

The group confirmed its targets for 2013.

It forecast a net profit this year of between €1.2 billion and 1.5 billion and a turnover of between €88 billion and €92 billion.

On the Milan stock exchange, trading in Fiat shares was suspended after they plunged 4.76 percent, while the benchmark index was up 0.55 percent.

More

Comments

Join the conversation in our comments section below. Share your own views and experience and if you have a question or suggestion for our journalists then email us at [email protected].
Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.

Please log in to leave a comment.

See Also