Turin

Fiat Industrial posts net profit in first quarter 2013

Sales of agricultural machines and motors do well

Fiat Industrial posts net profit in first quarter 2013

Turin, April 30 - Fiat Industrial, the company that controls the truck and tractor business spun out of Italy's largest carmaker Fiat in 2011, posted profit of 195 million euros in the first three months of the year, down from 202 million euro in the first quarter of 2012. Revenue in the period totalled 5.8 billion euros, in line with the first three months of 2012, as sales of agricultural machines and motors offset the difficult market conditions relating to construction and industrial vehicles. The company slashed it sales forecasts for this year down to between 3% and 4% from a previous 5%, adding that it expected its net debt to rise to between 1.4 billion euros and 1.6 billion euros, up from a previous 1.1-1.4 billion euro forecast. The figures were released after a board meeting on Tuesday held in Detroit approved them. Its Veicoli Industriali (Iveco) unit saw sales drop 3.9% to 1.8 billion euros, as revenue was eroded by weak market conditions in Europe. Its Powertrain (Fpt Industrial) business unit meanwhile benefitted from a 9.1% increase in sales to 740 million euros.

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