Looks like Fiat finally has something to smile about. In the fourth quarter of 2009, the company reported a loss of 283 million euro. For the same period in 2010, it managed to get well into the black, earning 318 million Euros, which is about 1.33 billion Malaysian Ringgit.
Much of this profit was due to improved sales of its industrial-based vehicles, though this will also be the last time that Fiat will report as a group – it has separated its automotive and industrial business to improve efficiency.
As for the entire 2010 on the whole, the news for the Italian company – which has a 25% control of Chrysler – was equally pretty. Fiat reported a full-year profit of 520 million euro, which is a swing around from the 838 million euro loss reported in 2009. It has forecast an 37 billion euro revenue for its auto-related businesses for 2011.
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Now, Sergio has to tackle Fiat’s quality issues. Moving production away from Italy is one way of earning a spot on JD Power rankings.