The Italian industrial conglomerate Fiat today reported an 84% surge in third quarter current profit, with Fiat Auto unit posting its fourth quarterly profit gain in a row.
Fiat, recovering from crisis two yars ago, said current profit, which it says measures the performance of its industrial operations, rose to €427m in the July-September period from €232m the same time last year. The result was at the high end of a range of €382-450m predicted by market analysts.
Net profit came to €200m, down from €826m in the third quarter of 2005. Fiat posted a loss of €209m last year excluding exceptional items.
Fiat Auto, which groups the Fiat, Lancia and Alfa Romeo brands, reported third-quarter current profit of €51m compared with a loss of €85m during the same time in 2005.
All but given up for dead two years ago, Fiat Auto has now made a current profit for four quarters in a row. Sales in the third quarter jumped 27.6% to €5.5 billion.
The overall car unit, which also includes the Ferrari and Maserati brands, reported current third quarter profit of €83m against a loss of €53m a year earlier. Fiat group's global sales gained 11.4% during the quarter to reach €11.8 billion.
Fiat confirmed its 2006 target of current profit of €1.85 billion, of which Fiat Auto is expected to account for €250m, and net profit of €800m.
In addition to cars, Fiat is active in agricultural equipment, trucks and production components and systems.
