Thursday, February 2, 2012

Chrysler back in black two years after bankruptcy

Less than two years after a government-backed bankruptcy, iconic US automaker Chrysler posted its first annual profit and vowed to keep the money pouring at an even faster pace on Monday.

Chrysler's remarkable success at the hands of Italy's Fiat comes after failed marriages to German's Daimler and private equity group Cerberus and years of painful restructuring.
Chrysler's full year net income rose to USD 183 million from a USD 652 million loss in 2010, thanks to fourth quarter earnings of USD 225 million.
Chrysler forecast that net income would jump to around USD 1.5 billion in 2012 as revenues rise to USD 65 billion from USD 55 billion in 2011 and USD 42 billion in 2010.
"The house is in good order. We are proud of the work we've done," said Sergio Marchionne, chairman and chief executive of Chrysler and Fiat.

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