Wednesday, Sep 28, 2016
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Automotive

Chrysler boosts Fiat to profit of $440M

DETROIT -- Fiat SpA earned a profit of $440 million during the second quarter, but only because of profits from Chrysler Group LLC.

Without Chrysler, Fiat would have lost $302 million. Fiat owns 58.5 percent of Chrysler and plans to increase its stake.

The Italian automaker said Chrysler generated a profit of $743 million under the European accounting system. On Monday, Chrysler reported a $436 million profit in the same period under U.S. accounting standards.

Sergio Marchionne, chief executive officer of the combined companies, said that no matter how bad Fiat's situation gets in Europe, terms of the restructuring agreement under Chrysler's 2009 bankruptcy prohibit Fiat from transferring cash from Chrysler.

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