Fiat narrows losses in the second-quarter

Fiat, which reported a first quarter net loss of euro 578 million ($819 million USD), announced today that it has narrowed its losses in the second quarter reporting a net loss of euro 168 million ($238 million USD). Fiat said the losses continued due to a significant decline in sales of the trucks and commercial vehicle segment.

Fiat, which now owns a controlling stake in Chrysler, said that the scrappage program helped boost lagging sales and narrowed losses compared to the first quarter.

“The global economic crisis continued to have a significantly negative impact on demand levels for all the group’s business, but with signs of improvement in certain markets compared with Q1 levels,” Fiat said in a statement.

Fiat said that revenues were down 22.5 percent, or euro 13.2 billion ($18.7 billion), compared with euro 17 billion in the same period last year.

– By: Omar Rana

Source: Detroit News