Fiat CEO Giuseppe Morchio confirmed on Thursday the Italian carmaker would reach the breakeven point on an operating basis this year, despite crippling strikes at a key southern Italian plant.

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“We can confirm the target of hitting operating breakeven at the end of 2004,” Morchio told Reuters on the sidelines of a Rome conference, reiterating comments made earlier this month.


The news agency noted that, in April and May, Fiat was hit by a three-week strike at its Melfi plant, which knocked car production back by about 38,000 units.


Morchio reportedly said earlier this month the halt would cost Fiat €40-50 million ($US48.5-60.6 million) in 2004 at an operating level, with the main hit in the second quarter.


Fiat Auto targets a breakeven operating result for 2005, Reuters added.

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