Fiat Chrysler posts first-quarter net loss, trading profit stable

Tue May 6, 2014 4:56pm EDT
 
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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.

(Reporting by Lisa Jucca in Milan, Italy; editing by Matthew Lewis)

 
A new Fiat Chrysler Automobiles sign is pictured after being unveiled at Chrysler Group World Headquarters in Auburn Hills, Michigan May 6, 2014. REUTERS/Rebecca Cook