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Monday, May 2, 2011
Chrysler Reports Net Profits for the First Time Since Emerging from Bankruptcy
Posted by wedos at 5:24 AM
On Monday, the Chrysler Group LLC reported its first quarter gains since exiting bankruptcy almost two years ago in June 2009. The Auburn Hills-based automaker, which is now operated by Fiat S.p.A., said net income totaled $116 million in the first quarter of 2011 compared to a net loss of $197 million in the same period last year.
At the same time, the company’s revenues grew 35 percent from $9.7 billion in Q1 2010 to $13.1 billion in Q1 2011. In addition, the automaker said it had $9.9 billion in cash reserves at the end of the first quarter compares to 2.5 billion in December 31, 2010.
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