CHRYSLER Group has reported its first quarterly net profit since emerging from bankruptcy nearly two years ago, helped by a revamped lineup and higher vehicle prices.
Chrysler’s first-quarter net income came to $116m (£70m), compared with a net loss of $197m a year earlier, as revenue shot up 35 per cent to $13.1bn.
The company reported an operating profit of $477m in the first quarter, compared with $143m a year earlier.
Sixty per cent of sales in the first quarter came from a revamped lineup, including the Jeep Grand Cherokee.
Chrysler, which operates under the management of Italian automaker Fiat, is seeking a $3.5bn term loan and $2.5bn in bonds to refinance its debt. Sergio Marchionne (left), chief executive of both Chrysler and Fiat, said that the refinancing deal was close to being “crystallised.”