Fiat Chrysler posts first-quarter net loss, trading profit stable
MILAN (Reuters) - Automaker Fiat Chrysler FIA.MI 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.
Trending On Reuters
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video