US carmaker Chrysler lifts Fiat earns

Italian carmaker Fiat says second-quarter net income more than quadrupled thanks to strong sales by US subsidiary Chrysler.

Fiat today posted a second-quarter net profit of 142 million euros (USD 188 million), up from a restated profit of 32 million euros in the same period last year. Without Chrysler, Fiat would have lost 247 million euros, as European sales dropped 5 per cent.

Worldwide car shipments were up 5 per cent in the quarter, to 1.2 million units. North American sales rose 4 per cent, while Asia and Latin America posted double-digit growth.

First-half profits dropped 12 per cent to 59 million euros.
 

Fiat confirmed its 2013 targets of a trading profit between 1.2 billion euros to 1.5 billion euros on revenues of at least 88 billion euros.