Fiat Chrysler second-quarter profits jump, outlook raised

GMT 15:01 2015 Thursday ,30 July

Arab Today, arab today Fiat Chrysler second-quarter profits jump, outlook raised

Fiat Chrysler
Milan - AFP

Car maker giant Fiat Chrysler Automobiles (FCA) said Thursday its second-quarter profits were up by almost 70 percent year on a year earlier, and it was raising its 2015 revenue forecast.

The company said net profit was 333 million euros ($364 million), up sharply from 197 million euros in the same period in 2014, and it was subsequently raising its revenue outlook from 108 billion euros to 110 billion euros.

The result, which the company put down to strong sales in North America and the revival of the European market, was welcomed on the Milan Stock Exchange, where FCA shares were up 5.45 percent at 13.95 euros in afternoon trading.

It was a bit of good news for the Italian-American automaker, which is bracing to shell out a record $90 million for lapses in recalls of its vehicles under a deal reached with US regulators.

The company said Monday it will pay a $70-million fine to the National Highway Traffic Safety Administration (NHTSA), and a further $20 million on "consumer outreach activities and incentives".

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