Post-demerger Fiat closed its first quarter with revenues up 7.1% to EUR9.2bn, trading profit of EUR251m (+9%) and net profit of EUR37m versus EUR13m a year ago.

It said its financial position was further strengthened with liquidity of EUR13.1bn and net industrial debt below EUR500m.

Fiat has forecast full year trading profit in the range of EUR0.9-1.2bn, net income around EUR0.3bn and net industrial debt of EUR1.5-1.8bn.

Fiat Group Automobiles (FGA) posted revenues of EUR7.0bn, up 2.6%, with shipments for the quarter off 2.6% to 518,600 passenger cars and light commercial vehicles. Higher higher light commercial vehicle volumes (+7.5%) and the success of the Alfa Romeo Giulietta compensated for the drop in other passenger car volumes (down 4.8% overall). Share of the European passenger car market was down 1.5 percentage points to 7.1%, primarily due to a 2.4 percentage point decline in Italy (share at 29%) over the prior year, with 2010 benefiting from the final impact of incentives for smaller and CNG/LPG vehicles. Fiat Professional, the commercial vehicle brand, maintained a leading position in Europe, with a share of 12.8%.

In Brazil, Fiat remained market leader, with overall share substantially stable at 22.1%.

Ferrari posted revenues of EUR491m, up 18.6%. Maserati revenues were up 6.3% to EUR135m.

Components and production systems had revenues of EUR3bn, a 22.7% increase over Q1 2010. All sectors posted double-digit growth.

Magneti Marelli revenues were up 16.7% to EUR1.5bn and Fiat Powertrain gained 17.1% to EUR1.2bn.

Fiat Group Automobiles achieved trading profit of EUR130m (EUR153m for Q1 2010), with trading margin at 1.9% (2.2% for the prior year), with production efficiencies only partially offsetting impacts of the European volume decline and higher R&D expenditure in advance of new model releases. 

Ferrari posted a trading profit of EUR53m, up 36% year on year, and Maserati more than doubled trading profit to EUR9m.

Components and production systems reported trading profit of EUR61m, up from EUR42m for Q1 2010, with the increase primarily attributable to Magneti Marelli’s strong performance.