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Chrysler boost profits in 2012

2013-01-31 08:27

ONWARDS AND UPWARDS: Chrysler produced some profitable figures from 2012. Impressive coming from a company that was bailed out by the US government in 2008.

CHICAGO, Illinois - Chrysler turned in another solid quarter at the end of 2012 with net income surging 68% but mainly on US sales. More strong growth was predicted in 2013.

Total profits for the fourth quarter were equivalent to about R3.4-billion on revenues of about R155-billion, up from R136-billion in the year-earlier same quarter, the company reported.

BIG BUSINESS

The quarter capped a strong year for the No.3 automaker with net income up more than nine-fold to the equivalent of R15-billion on a 19.6% gain in revenues, to R593-billion.

It forecast global shipments in 2013 of as many as 2.7-million vehicles against 2.4-million in 2012 and revenues in between R649-billion and R676-billion.

Chrysler, majority owned by Italy's Fiat with the company's auto union controlling a large minority share through its pension fund, has sustained a strong recovery from its near collapse and rescue by the US government in 2008.

Chrysler Group chairman and chief executive Sergio Marchionne said: "While we are pleased to have achieved strong financial results in 2012, the enterprise we are crafting is not complete.

"The goals we've set for the year ahead reflect a common desire by everyone from leadership to the shop floor to succeed and sustain the power of the house we are building."

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