Business News
Fiat's net profit soars in third quarter
Oct 21, 2010, 12:07 GMT
Turin, Italy - Italian industrial group Fiat posted Thursday a third-quarter net profit of 190 million euros (263.5 million dollars) compared to 25 million euros over the same period last year.
The surge was mostly powered by an improvement in truck and tractor sales, according to a Fiat statement.
By late Thursday morning Fiat shares on the Milan Stock Exchange were trading at 12.17 euros up 3.84 per cent.
Fiat - which makes Fiat, Alfa Romeo and Lancia brand cars, Iveco trucks and New Holland tractor and agricultural machinery - said third-quarter revenue rose 12 per cent to 13.5 billion euros.
Turin-based Fiat, which controls US carmaker Chrysler, said it expected a net profit of about 400 million euros for the year against a previous target of near break-even.
Fiat predicted yearly revenue to top 55 billion euros compared with a previous target of more than 50 billion.
Fiat, the sixth largest car maker in Europe in terms of market share, also said net industrial debt for 2010 is now expected to be slightly below 4 billion euros compared with an earlier target of more than 5 billion.
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