Chrysler boosts profits at parent Fiat

  • 30 July 2013
  • From the section Business
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Image caption Fiat is still struggling against weak demand in the eurozone

Profits at Chrysler helped quadruple second quarter earnings at 58% owner Fiat.

The Italian giant, which is based in Turin, saw net profit for the three months to June at 142m euros (£123m, $188m), up from 32m euros a year ago.

Worldwide shipments of vehicles - half of these Chrysler brands - were up 5% to 1.2 million units in the period but sales in crisis-hit Europe fell by 5%.

Without the contribution from Chrysler, Fiat would have lost 247m euros.

Sales in North America were 4% higher, while sales in faster-growing Asia and Latin America were up more than 10%.

Fiat, whose marques include Lancia, Alfa Romeo, Ferrari and Maserati sold 234,000 passenger cars in the quarter, leaving its European market share down 0.5% at 6.3%.

Despite the stronger performance from Chrysler, that part of the business gave a wide forecast for this year's profits of between $1.7bn and $2.2bn.

Previously it said it was expecting to make $2.2bn.

Fiat is currently trying to buy a greater share in Chrysler, although a disagreement over price is holding it back.

A court in Delaware is trying to set a value.

Disappointment at the figures caused the shares to fall by more than 4%.

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