Fiat Chrysler posts 1st-qtr net loss, trading profit stable

MILAN Tue May 6, 2014 4:29pm EDT

MILAN May 6 (Reuters) - Automaker Fiat Chrysler ended the first quarter of the year with a net loss, hit by one-off charges linked to a deal to fully acquire its U.S. operations and by currency fluctuations, the company said on Tuesday.

In a statement, Fiat Chrysler said it posted a net loss of 319 million euros ($444 million) compared with a net profit of 31 million euros a year earlier. Excluding one-time items such as the devaluation of the Venezuelan bolivar, profit was 71 million euros.

The company posted a first-quarter trading profit of 622 million euros, a touch down from a year ago. But trading profit from luxury brands such as Maserati now at the center of an expansion strategy nearly doubled.

The company, which is in the process of unveiling a five-year business plan, confirmed its business targets for this year. ($1 = 0.7177 euro) (Reporting by Lisa Jucca in Milan, Italy; editing by Matthew Lewis)