Market Commentary and Intraday News
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.
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