Fiat doubled its core operating profit to €47 million and narrowed losses at its key auto arm to €129 million against a forecast loss of €170 million, Reuters reported.
Go deeper with GlobalData
Fiat on Tuesday reportedly said that cost savings and a policy of selling fewer cars at higher profit per unit had cut Fiat Auto’s trading loss by 11.6% from a year ago, despite a 9.3% drop in revenues to €4.62 billion.
The news agency said Fiat’s first-quarter group operating income included the first instalment of a $US2 billion split-up settlement with General Motors, for a profit of €729 million, more than 10 times the year-ago figure.
But Reuters noted the payment allowed Fiat to post a net profit of €293 million against a loss of €392 million a year ago – without GM’s cash, Fiat’s would have posted a net loss of €245 million.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
