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Fiat earnings slump under poor European sales
298 days ago
(AP:MILAN) Slumping European sales are hurting Italian carmaker Fiat, which saw second-quarter earnings plummet by 92 percent despite a profit at its U.S. carmaker Chrysler.
Fiat, based in the northern city of Turin, on Wednesday posted a net profit for the second quarter of (EURO)103 million ($126.53 million), down from (EURO)1.3 billion in the same period last year.
Fiat's European business lost (EURO)184 million before interest, taxes and one-off items, compared with a pro forma loss of (EURO)406 million a year ago.
Chrysler on Tuesday reported a second-quarter profit of $436 million, compared with a loss of $370 million a year earlier. Fiat revenues without Chrysler were down 7.5 percent to (EURO)9.2 billion.
Fiat shares were down 4.3 percent at (EURO)4 in Milan trading.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
