Fiat earnings slump under poor European sales

MILAN (AP) ? Slumping European sales are hurting Italian carmaker Fiat, which saw second-quarter earnings plummet by 92 percent despite a profit at its U.S. carmaker Chrysler.

Fiat, based in the northern city of Turin, on Wednesday posted a net profit for the second quarter of ?103 million ($126.53 million), down from ?1.3 billion in the same period last year.

Fiat's European business lost ?184 million before interest, taxes and one-off items, compared with a pro forma loss of ?406 million a year ago.

Chrysler on Tuesday reported a second-quarter profit of $436 million, compared with a loss of $370 million a year earlier. Fiat revenues without Chrysler were down 7.5 percent to ?9.2 billion.

Fiat shares were down 4.3 percent at ?4 in Milan trading.

Source: http://news.yahoo.com/fiat-earnings-slump-under-poor-european-sales-141507684--finance.html

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