Chrysler profits help quadruple parent Fiat Q2 earningsJuly 30, 2013 - 17:31 AMT PanARMENIAN.Net - Profits at Chrysler helped quadruple second quarter earnings at 58% owner Fiat, according to BBC News. The Italian giant, which is based in Turin, saw net profit for the three months to June at 142m euros ($188m), up from 32m euros a year ago. Worldwide shipments of vehicles - half of these Chrysler brands - were up 5% to 1.2 million units in the period but sales in crisis-hit Europe fell by 5%. Without the contribution from Chrysler, Fiat would have lost 247m euros. Sales in North America were 4% higher, while sales in faster-growing Asia and Latin America were up more than 10%. Fiat, whose marques include Lancia, Alfa Romeo, Ferrari and Maserati sold 234,000 passenger cars in the quarter, leaving its European market share down 0.5% at 6.3%. Despite the stronger performance from Chrysler, that part of the business gave a wide forecast for this year's profits of between $1.7bn and $2.2bn. Previously it said it was expecting to make $2.2bn. Fiat is currently trying to buy a greater share in Chrysler, although a disagreement over price is holding it back. A court in Delaware is trying to set a value. Disappointment at the figures caused the shares to fall 4% in morning European trade. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |