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Fiat Chrysler Net Profit Plunges

Sales, including those of luxury sports car unit Ferrari, raced ahead by 18%.

MILAN, Italy - Carmaker Fiat Chrysler Automobiles (IW 1000/26) said Wednesday it made a net profit of 377 million euros (US$410 million) last year, a 40% drop from 2014.

The figure was way below the 539 million euro profit expected by analysts.

But sales, including those of luxury sports car unit Ferrari, raced ahead by 18% to 113.2 billion euros.

The group, which spun off Ferrari on Jan. 4, expects sales to rise this year from the 110 billion euros it booked in 2015 excluding Ferrari.

It said it expects operating earnings (adjusted earnings before interest and tax) to rise above 5 billion euros in 2016 from the 4.79 registered in 2015.

Adjusted net profit is seen as rising to 1.9 billion euros from 1.7 billion in 2015.

Copyright Agence France-Presse, 2016

TAGS: Finance
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