Advertisement
UK markets closed
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • FTSE 250

    19,884.73
    +74.07 (+0.37%)
     
  • AIM

    743.26
    +1.15 (+0.15%)
     
  • GBP/EUR

    1.1693
    -0.0001 (-0.01%)
     
  • GBP/USD

    1.2622
    +0.0000 (+0.00%)
     
  • Bitcoin GBP

    55,682.23
    -476.04 (-0.85%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • DOW

    39,807.37
    +47.29 (+0.12%)
     
  • CRUDE OIL

    83.11
    -0.06 (-0.07%)
     
  • GOLD FUTURES

    2,254.80
    +16.40 (+0.73%)
     
  • NIKKEI 225

    40,369.44
    +201.37 (+0.50%)
     
  • HANG SENG

    16,541.42
    +148.58 (+0.91%)
     
  • DAX

    18,492.49
    +15.40 (+0.08%)
     
  • CAC 40

    8,205.81
    +1.00 (+0.01%)
     

Chrysler Loses $7m A Day In Fiat Merger

US car giant Chrysler (Xetra: 710000 - news) lost more than $7m every day during the first quarter, amid ongoing costs for its merger with Italy's Fiat (Berlin: FIAT.BE - news) .

Chrysler said it was hit with a loss of $690m (£410m) in the three months to the end of March, due to charges related to Fiat taking a controlling stake.

Fiat spent $3.65bn (£2.15bn) for Chrysler's remaining shares in January, and the US firm said it would outlay $700m (£415m) to upgrade factories.

In addition to a $672m (£400m) first quarter charge to meet those promises, Chrysler suffered from other commitments and also booked a $540m (£320m) non-cash loss debt write-off.

ADVERTISEMENT

Chrysler said without the exceptional items it would have made a pre-tax profit of $486m (£290m).

That would have been more than double the $166m it earned in the same period last year.

Revenue in the first quarter of this year was up 23%, to $19bn (£11.2bn), compared to the 2013 figure.

It said worldwide vehicle sales were up 10% in the quarter, to 621,000, against those made in the same period last year.

Chrysler said it also saw strong sales of the new Jeep Cherokee SUV and Ram pickup.

More From Sky News