Monday, July 30, 2012

Chrysler swings to profit on US sales

http://www.bbc.co.uk/news/business-19055355

Net profit was $436m (£278m) in the second quarter, compared with a loss of $370m in the same quarter a year ago.

The company said its US market share jumped on a 32% increase in retail sales there.

Chrysler has little presence in Europe. The company gets 75% of its sales from the US, where the car market has been growing for the past three years.

Revenue for the quarter was $16.8bn, up 23% from a year earlier.

Worldwide vehicle sales were 582,000 for the second quarter, up 20% from the second quarter of 2011.

The company's loss from a year ago was due to a $551m charge over repaying government bailout loans.

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