Arab Today, arab today fiat chrysler net profit down 40 due to brazil china
Last Updated : GMT 02:16:14
Arab Today, arab today
Arab Today, arab today

Fiat Chrysler net profit down 40% due to Brazil, China

Arab Today, arab today

Arab Today, arab today Fiat Chrysler net profit down 40% due to Brazil, China

Chrysler 2017 Pacifica minivan is unveiled during the North American International Auto Show in Detroit
Milan - AFP

Italian-American carmaker Fiat Chrysler Automobiles (FCA) said Wednesday it suffered a 40 percent drop in earnings last year due to a poor performance in Brazil, Argentina and China.

The giant said it made a net profit of 377 million euros ($410 million) last year, way below the 539 million euro profit expected by analysts.

Sales were down 33 percent in Latin America, reflecting "continued macroeconomic weakness in the region" which created poor trading conditions in Brazil and Argentina, the company said in a statement.

It also blamed "the devaluation of the Argentinian Peso" and a new currency system in Venezuela for its rocky performance.

Shipments were down nearly as much to the Asia Pacific region, largely because of a supply-chain interruption due to the Tianjin port explosion in China in August, as well as strong competition from local producers.

The carmaker saw a drop in shipments in Australia as well, resulting from price increases.

It was also hit by the costs involved in recalling millions of vehicles in 2015 and millions of euros (dollars) in fines for failing to report key safety data to regulators.

But thanks to the Jeep Renegade and Fiat 500X things looked rosier in Europe, with shipments up 13 percent, and in North America, where revenues increased by a third.

- 'Stealth-like' -

Overall sales, including those of luxury sports car unit Ferrari, raced ahead by 18 percent to 113.2 billion euros.
And the group, which spun off the glamorous formula one racing brand on January 4, expects sales to rise this year from the 110 billion euros it booked in 2015 excluding Ferrari.

It said it expects operating earnings (adjusted earnings before interest and tax) to rise above 5 billion euros in 2016 from the 4.79 registered in 2015.

Adjusted net profit is seen as rising to 1.9 billion euros from 1.7 billion in 2015.

It is banking on the success of new models, from the nippy Fiat Tipo and Fiat 124 Spider to the purple Jeep Wrangler Backcountry and "stealth-like" black Jeep Grand Cherokee SRT Night.

The company also said it expected "a return to modest profitability" in Latin America in 2016 and an improvement in the second half of the year in the Asia Pacific -- once again thanks to the Jeep.

Production of the Jeep Cherokee began at the Changsha plant in China in November, and other Jeep models will follow.

FCA shares fell 3.8 percent on the Milan stock exchange, which was down 1.14 percent in mid-afternoon trading.

The company's shares have already taking a beating this month. They tumbled in Milan and New York on January 15 after two US dealerships filed a lawsuit accusing the carmaker of inflating car sales.

Fiat Chrysler strongly rejected the accusations and vowed to defend itself "vigorously" in the case.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today fiat chrysler net profit down 40 due to brazil china Arab Today, arab today fiat chrysler net profit down 40 due to brazil china

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today fiat chrysler net profit down 40 due to brazil china Arab Today, arab today fiat chrysler net profit down 40 due to brazil china

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Malaysia Airlines picks new CEO

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Residents get glimpse of Raqa in ruins

GMT 07:10 2017 Saturday ,21 October

Residents get glimpse of Raqa in ruins
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 09:56 2017 Friday ,20 October

Privacy Groups Warn of Perils

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday