Fiat debt mars strong results

FIAT beat expectations for second-quarter trading profit yesterday, helped by tax breaks for drivers trading in older, polluting cars, but its efforts to cut debt disappointed.<br /><br />Europe&rsquo;s sixth-biggest car maker, which owns 20 per cent of US firm Chrysler, said trading profit for the quarter was &euro;310m (&pound;268m) after a loss of &euro;48m in the first quarter.<br /><br />Fiat cut net industrial debt to &euro;5.7bn from &euro;6.6bn in the period, mainly by selling down stocks. It also confirmed its targets for a 2009 trading profit of more than &euro;1bn and year-end net debt of less than &euro;5bn.