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Fiat profits double in Q2

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2,981 views Jul 24, 2007

Fiat profits double in Q2

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Fiat has reported record profits for the second quarter, with net income doubling for the period compared with last year’s results. Profits topped €593 million for the quarter, up from €280 million for the period one year earlier. The jump in results can mostly be attributed to the introduction of new and exciting models such as the Punto and Bravo lines, and the addition of the ultra-stylish 500 minicar will only see profit levels soar further.

Debt levels have also fallen for the Italian carmaker, dipping by €404 despite the payout of close to €500 million in dividends and share buybacks, according to the Associated Press. Revenues were up by 12%, amounting to a record €15 billion, and this was despite a decline in demand in key western European markets.

Fiat is responsible for the Fiat, Lancia and Alfa Romeo brands as well as several commercial makes as well, and it’s now expanding into new emerging markets including India and China by building alliances with local companies. It’s hard to imagine that as recently as 2004, Fiat was running at a loss and was close to going bankrupt at the start of the decade.