Carmaker Fiat's first quarter profit slumped more than expected as its US unit Chrysler's sales suffered from the phase out of the Jeep Liberty pending a new model launch.
Fiat said its trading profit was euro 618 million, below the euro 720 million forecast by 21 analysts published on Fiat's website. Pre-tax profit came in at euro 160 million, compared to a forecast of euro 300 million by analysts. Net debt was euro 7.10 billion, in line with forecasts, and higher than the euro 6.5 billion at the end of 2012.
At Chrysler, first-quarter net income fell 65 per cent to $166 million from $473 million a year earlier. Net revenue slipped 6 per cent to $15.4 billion.
