Fiat SpA (IW 1000/81) on Tuesday said its second-quarter net profit plunged to 358 million euros ($440 million) despite a rise in trading profits due to its newly acquired U.S. arm Chrysler.
Fiat's net profit in second-quarter 2011 was 1.237 billion euros.
The group confirmed its annual forecast of a net profit of between 1.2 billion and 1.5 billion euros and a turnover of more than 77 billion euros.
In Europe, Fiat managed to reduce its trading losses to 138 million euros despite a prolonged slump in sales due to the economic crisis.
Fiat said sales for its luxury brands Ferrari and Maserati both rose, however, thanks to solid demand in Asia and North America.
Fiat said its sales rose to 21.524 billion euros compared with 13.153 billion euros a year earlier, thanks to its takeover of Chrysler in June 2011.
Copyright Agence France-Presse, 2012