US: Chrysler made first-half operating profit - CFO
Privately held Chrysler LLC has posted first-half EBITDA (operating profit) of "approximately US$1.1 billion, well ahead of plan", according to its finance chief.
Chief financial officer Ron Kolka said: "In spite of the severe economic and industry challenges, we continue to perform ahead of our financial plan for the second quarter and first half of 2008.
"The company measures its financial performance against two primary financial metrics: cash/marketable Securities and EBITDA (earnings before interest, taxes, depreciation, amortisation and restructuring charges)."
He said that, on 30 June, Chrysler had $11.7bn on hand, well ahead of its plan and down slightly from year-end 2007.
Chrysler remained ahead of its financial plan due primarily to its fast response to the deteriorating market conditions and cost reductions launched in 2007, focused largely on restructuring.
"Chrysler's negative product mix, largely driven by trucks and SUVs, was offset in the first half with a positive mix which includes the effects from substantially reduced fleet sales; the effects of new products," Kolka added.
The privately-owned automaker is not required to provide detailed quarterly financial statements unlike shareholder-held Detroit rivals GM and Ford.