Fiat profits sharply up but shares fall

MILAN, ITALY: Italian car company Fiat reported a huge increase in second-quarter profits on Tuesday (30 July) but its share price fell sharply after US partner Chrysler revised down its 2013 financial targets
Fiat profits sharply up but shares fall

Fiat said its net earnings were €435m, 82% 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 €305m.

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

Fiat also said its turnover had grown by 4.0% to €22.3bn over the 12-month period, while debt had gone down to €6.7bn. The group left its targets for 2013 unchanged forecasting a net profit of between €1.2bn and €1.5bn and a turnover of between €88bn and €92bn.

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

Source: AFP via I-Net Bridge



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Read more: Fiat, Chrysler, profits, targets

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