Truck and tractor maker Fiat Industrial has reported a rise in second quarter net profit due to higher margins at its farm machinery business and a slight improvement in trucks.

Heavy truck markets are slowly picking up due to a need to replace ageing fleets bought during the boom years before the 2008 financial crisis, Reuters noted.

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The company said revenues were up 3.1% to EUR6.8bn (US$9.01bn) with net profit up to EUR328m from EUR251m.

Revenue at truck unit Iveco, which accounts for about one third of group sales, fell 5.6% to EUR2.14bn.

Iveco returned to a trading profit in the second quarter, earning EUR1m compared with a trading loss of EUR9m in the first quarter. But compared with the second quarter of last year, trading profit was down.

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Fiat Industrial and CNH’s planned merger should be complete in early September, executives have said.

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