Fiat Auto ended the fourth quarter of 2002 with an operating loss of less than 200 million euros, below a previous forecast of break even, a statement on Monday said, according to Reuters.

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Reuters reported that Fiat group net debt fell to below three billion euros by the end of the year from 5.8 billion euros at the end of September, in line with a target set by its creditor banks.


Fiat Auto recorded an operating loss of 432 million euros in the fourth quarter of 2001, the beginning of a long crisis, Reuters noted.


According to Reuters, Fiat in October forecast that Fiat Auto should make a full-year operating loss of about 1.2 billion euros against a 549 million euro loss in 2001.


Chairman Paolo Fresco confirmed that the group was studying a recapitalisation of its businesses starting with Fiat Auto and that it could spin off units to open a way for new funds, Reuters said.

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