Vladimír Urbánek (Kurzy.cz)
World markets  |  October 30, 2012 14:57:30

Fiat 3Q operating loss deepened, expects Europe's deepening losses

Italian carmaker Fiat 3Q of this year saw the deepening operating losses by 61% to 219 million euros. Sales in Europe fell by 13% year on year to 3.82 mld.EUR.

Profit before tax, amortization and non-recurring items in Q3 grew by 12% to 951 million euros thanks to the Chrysler brand sales growth in the U.S. market. The automaker expects this year's profit in this respect to the lower level before the announced range of 3.8 to 4.5 mld.EUR.
Total car sales grew by 16% to 20.4 mld.EUR.

Chrysler itself announced 3Q net profit growth of 80% year on year to 381 this year and confirmed mill.USD goal of achieving a net profit of 1.5 mld.USD.

Leadership automaker said that due to unfavorable developments in Europe, where it is expected the worst decline in the industry over the past 19 years, plans to reduce investment and delay the introduction of new models on the market.Poor conditions in the market under Fiat persist until at least 2014. Sales in the domestic Italian market this year will be probably the worst in 30 years.

Indebtedness car at the end of the year will move at 6.5 mld.EUR the originally estimated 6 mld.EUR. 3Q net debt rose by 1.26 billion to 6.69 mld.EUR.
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