Fiat Chrysler profits hit €92m in first quarter

GMT 03:18 2015 Thursday ,30 April

Arab Today, arab today Fiat Chrysler profits hit €92m in first quarter

Fiat Chrysler Automobiles (FCA)
Rome - QNA

Fiat Chrysler Automobiles (FCA) made a net profit of 92 million euros in the first quarter of 2015, against a 173-million-euro loss in the same period of last year, the Italo-American company reported Wednesday.

Over the same period, net revenues rose from 22.1 billion to 26.4 billion euros, but the 19-per-cent gain was strongly influenced by the euro's depreciation, which made dollar sales in the US more profitable. At constant exchange rates, net revenues were up by only 4 per cent, dpa reported.

Adjusted earnings before interest and taxes (EBIT) improved from 655 to 800 million euros, but FCA also piled up more net industrial debt, which rose from 7.7 billion to 8.6 billion euros. Global sales fell by 2 per cent, to 1.1 million units, the company said.

The carmaker said its activities were very profitable in North America and less so in Europe and Asia, while operations in Latin America were loss-making.

Fiat and Chrysler completed their merger last year, forming the world's seventh-largest automotive group, which includes the Jeep, Ram, Alfa Romeo, Maserati and Lancia brands. The company also controls Ferrari, which it plans to spin off into a separate entity.

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