Fiat, the Italian automaker that controls Chrysler Group, said
first-quarter profit fell 23 per cent on costs for new Jeep model
rollouts.
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)
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