ROME, Jan. 22 (Chinese media) -- The Italian automaker Fiat Group in 2008 saw its net profit fall by 16.2 percent to 1.7 billion euros (2.2 billion U.S. dollars), far below the group's target for the year of between 2.4 to 2.6 billion euros, according to statistics made public on Thursday.
In 2007 Fiat more than doubled its net profit of the previous year to 2.054 billion euros.
The group's trading profit in 2008 rose by 4 percent to 3.4 billion euros, with sales of farm machinery, industrial vehicles and Ferrari luxury cars helping to offset the plunge in sales of its automobile division.
Fiat's turnover in 2008 amounted to 59.4 billion euros, up 1.5 billion euros from the previous year, mainly thanks to earnings for the first nine months, which were up 8.4 percent over the same period in 2007 and compensated the 17.2 percent drop in the last quarter.
Fiat Group Automobiles saw its trading profit last year shrink to 691 million euros, while turnover was registered at 26.9 billion euros, a marginal gain of 0.5 percent over 2007.
Fiat's industrial debt, which it was able to level in 2007 thanks to a strong cash flow, jumped to 5.9 billion euros last year, some three times more than expected.
At the end of 2008, the Fiat Group had 3.9 billion euros of cash in hand, compared to a liquidity of 6.9 billion euros at the end of 2007.
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