Fiat Chrysler nearly doubles its net profits in 2017

Milan: Italian-US carmaker Fiat Chrysler said that its net profit nearly doubled in 2017, outpacing analysts’ expectations, but it downgraded its sales target for the current year. Fiat Chrysler said in a statement that net profit soared by 93 per cent to 3.5 billion euros ($4.3 billion) last year. In the fourth quarter alone, net profit nearly doubled as well, jumping by 97 per cent to 804 million euros. Fiat Chrysler said it sold a total 4.74 million vehicles worldwide in 2017, stable compared with the previous year.

Looking ahead to 2018, the carmaker said it has downgraded its full-year revenues forecast to 125 billion euros from 136 billion euros previously. At the same time, Fiat Chrysler stuck to its forecast for net profit of around five billion euros. Previously, it had been pencilling in net profit of between 4.7-5.5 billion euros. Investors welcomed the numbers and shares in Fiat Chrysler were showing a gain of 1.9 per cent at 19.81 euros on the Milan stock exchange, meaning the stock has sped ahead by 94 per cent since a year ago. — AFP