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Fiat reports 54.7% drop in Q2 earnings

: Saturday, August 02 - 2014 @ 04:34

Italian automaker Fiat, which is merging with US group Chrysler, has its said net profit has more than halved in the second quarter, undermined by a higher tax charge in the US, AFP has reported. Net profit in the first three months of 2014 dropped 54.7% to €197m ($264m), compared with the same period last year. Operating profit fell by 10.4% to €961m, even though sales rose by 5% to €23.3bn. But despite the profits plunge, Fiat, which is targeting net profit of €600-800m and sales of €93bn in 2104, held to its forecasts for the year.

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Saturday, August 2- 2014 @ 4:34 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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