FIAT Group has posted a significant improvement in first quarter net results with an EUR21m (US$28m) loss compared to EUR411m loss last year.

Revenues rose 14.7% to EUR12.9bn, with Fiat Group Automobiles posting a 22.1% increase year-over-year.

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Trading profit came in at EUR352m compared to a Q1 2009 loss of EUR48m, with more than half of the results due to Fiat’s Automobiles businesses.

Net industrial debt of EUR4.7bn was marginally up on the EUR4.4bn billion at end of 2009 due to seasonal working capital build.

Liquidity remained strong at EUR11.2bn, compared to EUR12.4bn at the end of 2009, notwithstanding a EUR1bn bond repayment during the quarter.

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Fiat Group Automobiles (FGA) achieved revenues up 22.1% to EUR6.8bn on a total of 532,400 cars and light commercial vehicles.

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Demand was significantly helped by what Fiat refers to as “the residual effect of eco-incentives in several Western European markets.”

Market share was 31.4% in Italy, down 0.8 percentage points and 8.6% for Europe overall, down 0.3 points. In Brazil, Fiat increased deliveries 7.9% and maintained its leading market position.

Fiat Group Automobiles reported a trading profit of EUR153m compared to a EUR30m loss for Q1 2009 on the back of substantially higher volumes and an improved sales mix, with increased contribution from LCVs.