Chrysler reports loss of $515M in 1st quarter

7/25/2008

AUBURN HILLS, Mich. - Chrysler Holding LLC, parent of automaker Chrysler LLC and Chrysler Financial, provided a rare look at its financials yesterday, reporting that it had a first-quarter net loss of about $515 million.

The loss was disclosed in a statement and comments by company spokesman Kevin Frazier after Daimler AG said that its 19.9 percent Chrysler stake reduced its second-quarter earnings by $584 million before interest and taxes.

Chrysler hasn't had to provide public reports on its financial results since Cerberus Capital Management LP bought 80.1 percent of the automaker in August, 2007.

Daimler reports its earnings under international standards, and its figures for Chrysler reflect the U.S. company's financial results for the previous quarter.

Chrysler Holding said that under U.S. standards, Daimler's net loss from the U.S. company would be $103 million based on the exchange rate on March 31.

Chrysler Holding's loss was roughly five times the German automaker's share, Mr. Frazier said.