Chrysler posts first profit since 2009 after new cars help it emerge from shadow of bankruptcy

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.”