Fiat third quarter trading

Fiat third quarter trading profit down 62 per cent Turin, Italy – Italian industrial group Fiat which earlier this year took control of US car giant Chrysler, reported Wednesday a 62 per cent drop in trading profit for the third quarter compared to the same period in 2008. The Turin-based Fiat said in a statement that the third quarter trading profit – earnings before interest – came to 308 million euros (460 million dollars), down from 802 million euros a year earlier.The company said the figure was achieved “notwithstanding extremely weak economic conditions,” a reference to the worst crisis to hit the car industry since World War II.The group, Italy’s largest private sector employer and Europe’s sixth-largest carmaker, said it confirmed its target of a full year tradingprofit in excess of 1 billion euros and net industrial debt below 5 billion euros.Fiat reported a net profit of 25 million euros for the 2009 third quarter, compared with 468 million for the same period a year ago. Revenue fell to 12 billion euros, from 14.3 billion euros.At 1100 GMT Wednesday Fiat shares on the Milan bourse were down 3.31 per cent at 10.87 euros.