Italian carmaker Fiat Group (FIATY.PK) reported that its first-quarter loss attributable to owners of the parent was 83 million euros, compared to a profit of 35 million euros in the prior year quarter. For Fiat excluding Chrysler, the net loss was reduced by 41 million euros over first-quarter of 2012 to 235 million euros.
Net profit for the quarter declined to 31 million euros from 262 million euros in the year ago quarter.
Trading profit for the quarter totaled 618 million euros, down from 806 million euros in the year ago quarter. The year-over-year decrease was primarily attributable to a about 200 million euros decrease in NAFTA due to lower shipment volumes, as well as industrial costs as a result of the launches of the new 2014 Jeep Grand Cherokee and 2013 Ram Heavy Duty truck line, and preparation for the second-quarter 2013 production launch of the all-new 2014 Jeep Cherokee.
Group revenues for the quarter were 19.8 billion euros, 2% lower in nominal terms but flat over the prior year at constant exchange rates.
The prior year results have been restated to adopt IAS 19.
Looking ahead to fiscal 2013, the company confirmed its financial guidance. The company still anticipates net profit for the year between 1.2 billion euros and 1.5 billion euros, and annual revenues between 88 billion euros and 92 billion euros.
For comments and feedback: editorial@rttnews.com