CORRECTED: Fiat Q3 beats forecast, may make some charges

Corrects group trading profit to 308 from 350 million euros in paragraph 2

MILAN (Reuters) -Italian car maker Fiat SpA said it might write off some past investments as it turned in a better-than-expected trading profit for the third quarter on Wednesday and confirmed year targets

Fiat, which owns 20 percent of U.S. car maker Chrysler, said the group trading profit was 308 million euros ($459.9 million) while its revenues for the July-September quarter fell 15.9 percent to 12 billion euros.

French rival PSA Peugeot Citroen had earlier reported a slower decline of 7.7 percent.

Analysts had forecast trading profit for the Fiat group of 249 million euros on average in a Reuters poll with revenues expected at 11.865 billion euros.

For the autos unit, which includes the Lancia, Alfa Romeo and Fiat brands, trading profit was 155 million euros, well above analysts' expectations of 118 million euros.

Fiat said it confirmed its targets for the year of trading profit over 1 billion euros and debt under 5 billion euros.

It said as a result of aligning some business with Chrsyler's, it "may revisit the future viability of its past investments, necessitating the write-off, as unusual items, of these legacy investments."

It added there would not be a cash impact.

Shares extended losses immediately after the results and were down 4.45 percent by 0946 GMT as the sector lost 2.85 percent. One trader said the market reaction "was maybe a bit overdone. The shares have done a lot recently."

(Reporting by Maria Pia Quaglia and Jo Winterbottom, editing by Marcel Michelson)