Italy's Fiat, which runs Chrysler in the US, said today that its first-quarter profit tripled to €37m from €13m the same time last year.
But the result was far below market expectations. Analysts had forecast a net profit of €91m.
The group's current profit rose 9.1% to €251m over the 12 months and turnover advanced 7.1% to €9.21 billion.
Fiat also confirmed its financial targets for this year, with a trading profit forecast at between €900m and €1.2 billion. Net profit over the year is expected to be €300m, Fiat said in a statement.
The results were boosted by luxury brands Ferrari and Maserati, as well as Fiat's car parts division. The Fiat, Lancia and Alfa Romeo brands were down largely because of a plunge in European car sales due to the economic crisis.
Fiat said the tsunami in Japan could cut its trading profit this year by €100m and reduce European production by up to 100,000 units because of a lack of Japanese-made car parts.
The impact will be 'about €100m' Fiat boss Sergio Marchionne said in a conference call with analysts after a company earnings release that showed lower-than-expected profits in the first quarter.
