Fiat-Chrysler 19.8 billion euro turnover first quarter

European sales buoyed by Fiat brand in March

Fiat-Chrysler 19.8 billion euro turnover first quarter

Turin, April 29 - The Fiat Group SpA, which includes Chrysler and Fiat, reported turnover of 19.8 billion euros for the first quarter of 2013 on Monday, down 2% compared to the same period in 2012, but stable considering constant exchange rates. The group saw growth in Latin America and Asia, and sales of luxury and sports vehicles compensated weaker segments in North America and Europe. Group first quarter profit came in at 618 million euros, down from 806 million euros for the same period in 2012. The Fiat Group's total liquidity was 21.3 billion euros at the end of Q1, including an unused credit-line for three billion euros. The Fiat Group confirmed its 2013 targets of turnover between 88 and 92 billion euros, income before extraordinary items at 1.2 to 1.5 billion euros, and net industrial debt of roughly seven billion euros. "It wasn't a spectacular quarter, and we expected that," said Fiat Group CEO Sergio Marchionne, commenting on Chrysler. However Fiat brand cars helped the Fiat Group post positive European sales for March despite dismal performance for sector as a whole. While the European car market sank by 10.3% since March 2012, European turnover for Fiat brand cars grew 7.7%, while its market share inched up 0.8% to 4.7% for the continent. Fiat was buoyed by sales in Italy, France, Spain and the United Kingdom, with the Fiat 500L, Fiat 500 and Fiat Panda all leading their respective market segments. In Italy, where overall car sales shrank by 5%, turnover for Fiat brand cars grew 13.8% over March 2012. The Fiat Group's total sales increased 5.3% in Italy to reach a market share of 28.8%, up 2.8% over March of last year.

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