Narrower First-Quarter Losses Reported by Fiat

Narrower First-Quarter Losses Reported by Fiat

On Wednesday, Italy's Fiat SpA reported a slighter net loss in the first three months, and said that I noticed a development for 2010 for all of its commerce units except for Fiat Auto.

The Italian industrial group said that 2010 was setting itself for a year of change and stabilization.

A net loss of €25 million ($33.6 million) in the three months to March 31, contrasted with a loss of €410 million in the year-earlier period was posted by the company.

Fiat stated, "Its auto unit will be impacted in the last three quarters of the year by the reduction and/or elimination of eco-incentives programs which underpin demand in Western Europe".

For the first three months, Fiat's group dealing turnover, a strongly observed number, totaled €352 million against a trading loss of €48 million for the same period a year back.

It is said that profits totaled €12.93 billion, up 15% from €11.27 billion, with the help of strong sales in Europe and Brazil, which is a major market.

According to Fiat, it would carry on executing its plan of targeted coalition in order to optimize capital promises and decrease threats.