Fiat reports 23% fall in first quarter profit
Car maker blames costs for new Jeep model rollouts
Fiat’s trading profit declined to €618 million from €806 million a year earlier, the company said. Photograph: Reuters/Mansi Thapliyal
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)