Fiat Declares Its Second-Quarter Profit

According to a recent report, Fiat SpA has witnessed an increase in the income of the second quarter. The rise in the sales was observed for trucks and agricultural equipments. The results have beaten the estimates given by Bloomberg.

On Wednesday, the Company disclosed that it has got a letter, the contents of which cannot be made public, from the creditors for its new facility. The facility is worth €4 billion.

The total income of Fiat in three months to June was €90 million. Last year, the Company had bought 20% share in Chrysler Group LLC.

Sergio Marchionne, the Chief Executive Officer of the Company, disclosed that it is not launching any new models this year.

Recession had taken its toll on the automobile industry, which now seems to be recovering slowly.

An analyst at UBS AG in London, Philippe Houchois, disclosed that the present scenario is positive. He added that the profits have been made possible due to light vehicles like Fiat Ducato.

Fiat has predicted that this year, its income is going to be above 50 billion Euros. The Company has said that the figures may increase in the wake of its third quarter results.

Earlier this year, the Milan trading had witnessed a 12% decrease in the shares of the automobile firm.