Fiat, the Italian automaker that controls Chrysler Group, said
first-quarter profit fell 23 per cent on costs for new Jeep model
Trading profit, or earnings before interest, taxes and one- time items, declined to 618 million from 806 million a year earlier, the company said yesterday.
First-quarter profit at the US automaker fell 27 per cent to 593 million ahead of the introduction of new Jeep Compass and Cherokee sport-utility vehicles.
Fiat stuck to a target to increase full-year profit to between 4 billion and 4.5 billion from 3.81 billion in 2012, even after the European auto market plunged 9.7 per cent in the first quarter.
The stock has gained 22 per cent this year, valuing the carmaker at 5.8 billion. - (Bloomberg)
(c) 2013 Irish Times. Provided by ProQuest LLC. All rights Reserved.
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