Fiat Chrysler Says 1Q Net Loss Amended to EUR173 Million
July 03 2014 - 12:20PM
Dow Jones News
Italian car maker Fiat SpA (F.MI), the parent of Chrysler Group
(C.XX), said Thursday that it revised its first-quarter net loss to
173 million euros ($236.4 million) from the previously approved
EUR319 million, in order to reflect the acquisition of a 41.5%
stake in Chrysler.
The company said the amendment, approved by the Fiat board, will
result in a non-cash gain of EUR223 million. Fiat added that the
gain has no cash impact and doesn't affect the final net equity of
the group.
Fiat Group said in May that it swung to a net loss in the first
three months of the year from a net profit of EUR31 million for the
corresponding period last year. The loss included one-time costs
connected to Fiat's payoff of a note held by a United Auto Workers
union healthcare trust, and currency turmoil in Venezuela. Without
those costs, Fiat said it would have earned EUR71 million.
Write to Manuela Mesco at manuela.mesco@wsj.com
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