Fiat posted record first quarter earnings in 2008 of some 10 billion euros, a 10% gain over the same period last year.
The group's net profit hit 427 million euros, compared to 376 million euros in the first quarter of 2007, while pre-tax profit rose 62 million euros to 636 million euros.
Fiat's strong performance was diminished by 154 million euros due to a drop in market value of two equity swaps linked to stock option plans.
Fiat's operating profit in the first quarter climbed 28.7% to 766 million euros.
Despite a weak new car market, Fiat Group Automobiles posted a trading profit of 193 million euros, which was slightly above the results in the first quarter of 2007 but up 81 million euros, or 53%, when one-off factors are excluded.
Fiat closed the first quarter with a net indebtedness of 1.1 billion euros, while cash-on-hand remained a strong 4.8 billion euros.
Based on its first quarter results, the Fiat group has confirmed all its 2008 targets.
These include a net turnover of over 60 billon euros, a trading profit of between 3.4 to 3.6 billion euros, net profit in the neighborhood of 2.4-2.6 billion euros and the leveling of the group's indebtedness with a net cash surplus of at least 1.5 billion euros.
