Fiat reports $1.2 billion loss in 2009
By Andrew C., 27 Aug, 2010. 0 Comments
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Due in part to surprising strong car sales in Europe, Fiat Group SpA reported losses for the fourth quarter and the full year in 2009 but it has reduced its debt and improved its cash position. The group lost $397 million for the fourth quarter, compared with a profit of $233 million a year earlier. Fiat explained that declining sales of trucks and construction equipment affected revenues and margins. Fiat lost $1.2 billion in 2009, compared with a profit of $2.3 billion the previous year. This loss was attributed partly to write-downs that Fiat took as part of its acquisition last year of Chrysler. Revenues dropped 16% last year but rose moderately in the fourth quarter.Meanwhile, the Cash for Clunkers programs in many European countries boosted sales of Fiat's small cars in several markets. The company said that results for the current year will depend on whether those programs are continued or reinstated to help keep demand high.
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