Fiat posts 251-million-euro first-quarter trading profit

Apr 20, 2011, 11:56 GMT

Turin, Italy - Italian carmaker Fiat reported Wednesday a first-quarter trading profit of 251 million euros (358 million dollars), up 9 per cent over the same 2010 period, driven by the strong performance of its Ferrari, Maserati and Alfa Romeo cars.

The earnings came on revenues of 9.2 billion euros, up 7.1 per cent over the first quarter last year.

Net profit was 37 million euros, nearly triple the 13 million euros a year earlier.

The quarterly results were the first issued by the Turin-based company since a spinoff of the truck-and-tractor unit, Fiat Industrial, in January.

Investors welcomed the news, with Fiat shares rising almost 4.1 per cent to 6.54 euros per share in early afternoon trading on the Milan Stock Exchange.

Fiat said it was confirming its targets for the year, with trading profit expected to be in the range of 900 million to 1.2 billion euros and net income of 300 million euros.

Last week Fiat announced it had increased its stake in US carmaker Chrysler from 25 to 30 per cent. Sergio Marchionne, chief executive of both Fiat and Chrysler, has indicated Fiat intends to up its stake in the Detroit-based company to 35 per cent.

Read more about Italy Automotive