Fiat reports $ 711 million profit for 2010

MILAN: Fiat Group SpA, which controls Chrysler LCC, reported full-year earnings for of euro520 million ($711 million)thanks to improved sales of trucks, construction and farm vehicles.

That compares with a loss of euro838 million in the year before. Fiat said it reduced debt to euro2.4 billion, from euro 4.4 billion. Group revenues were euro56.3 billion, up 12 per cent.

Fiat did not report quarterly figures. It is the last time the company reports as a group, following the spinoff of its industrial business from autos this year.

Fiat forecast 2011 revenues of euro 37 billion for the new Fiat, which includes its auto and related businesses, and euro 22 billion for Fiat Industrial, comprising CNH farm and construction vehicles, IVECO trucks and related powertrain business.

Fiat shares dropped 3.18 per cent to euro 7.15 while Fiat Industrial fell 1.31 per cent to euro 10.07.