Italian industrial giant Fiat said today it had switched sharply into profit after more than four years of losses, and that its troubled car making wing Fiat Auto was showing signs of recovery.
Fiat reported net profit in 2005 of €1.420 billion compared with a loss of €1.579 billion in 2004.
In the fourth quarter, Fiat Auto, the car division of the group, posted a net profit after 17 consecutive quarters of losses. Net profit totalled €21 million compared with a loss of €156 million in the same quarter of 2004, the company said.
In the first half of 2005, Fiat said that the division had been hit by heavy competitor pressure and low sales of its older models ahead of new car launches, but had rebounded with the launch of the Croma, Punto and Alfa 159 models later in the year.
