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Fiat Finishes 2008 with its Best Ever Trading Profit
January 23rd, 2009
Despite a difficult fourth quarter, the Fiat Group has completed 2008 with its best ever trading profit, up 4.0 per cent over 2007 to €3.4 billion in 2008 on a total revenue of €59.4 billion, up 1.5 per cent over the previous year.
Fiat Group Automobiles, which comprises Fiat cars, Alfa Romeo and Lancia, increased revenue very slightly - +0.5 per cent - on 2007 to produce revenue of €26.9 billion, based on an annual production of 2,152,500 cars to achieve a trading profit of €691 million. Sales rose in the key markets of France (+31 per cent), Germany (+14 per cent) and Brazil (+9 per cent). Fiat light commercial vehicles sold a total of 408,700 vehicles, up 5.3 per cent.
Maserati lifted its revenue in 2008 to a new record of €825 million, up 18.9 per cent, based on a 16.8 per cent rise in deliveries to 8,759 cars, a significant achievement given that the sectors in which Maserati compete saw a sharp decline, down 20 per cent for luxury sedans and 25 per cent down for performance coupes. This enabled Maserati to achieve a significant increase in profits, up from €24 million in 2007 to €72 million in 2008 – a massive 200 per cent increase. Maserati in Australia improved on this level of success, with a 50 per cent increase in sales in the local market.
Ferrari lifted its profits by 27.4 per cent to €339 in 2008 over 2007, based on a slight increase in sales, up 0.6 per cent to 6,527 supercars. Ferrari revenue rose by 15.2 per cent to €1,921 million in 2008. With a 12.4 per cent increase in sales, the Australia market, as with Maserati, ran ahead of global sales growth.
In addition to the automobile sectors within the Fiat Group, agriculture and construction equipment (CNH) lifted its trading profit by €132 million; trucks and large commercial vehicles rose by €25 million and other business sectors rose by €70 million.