Fiat auto profits jump to 265 mn

Italian auto giant Fiat reported on Wednesday that its net profit in the fourth quarter of last year rose to 265 million euros ($349 million) from 153 million euros on a 12-month comparison. The company said that its total net profit, including figures for its US partner Chrysler, came to 1.7 billion euros last year but warned that this would likely be lower this year due to the "uncertainty" on European markets. It said it was forecasting a profit of 1.2 to 1.5 billion euros. The company said it was confirming all its targets for 2011 and was recommending dividends of 40 million euros for preference and savings shares. "Fiat-Chrysler group closed 2011 with all targets achieved or exceeded," the company said in a statement, adding that it had performed well despite "weak" conditions on the European auto market in the second half of the year. Sales of passenger cars and vans were down 2.4 percent in 2011 at 2.03 million vehicles, with a 7.6 percent increase in van sales failing to offset a 4.6-percent decline in passenger car shipments, Fiat said. But sales in Brazil were up 1.5 percent from 2010, it added. Luxury car maker Ferrari -- part of the Fiat group -- saw a 17.3-percent rise in revenues to 2.3 billion euros in 2011.