Fiat sales boom in April

| Sun, 05/06/2007 - 06:16

Fiat sales in Italy surged 14.5% last month compared to April 2006, the Turin carmaker said Wednesday.

In the first four months of the year sales were 9.54% higher than the same period last year.

Fiat CEO Sergio Marchionne said last month the Italian auto group expects net profits of 1.6-1.8 billion euros in 2007 and total sales of 2.2 million cars.

Speaking to a shareholders' assembly which approved the 2006 accounts sheet, Marchionne also said the group's overall indebtedness would be "close to zero" by the end of 2008.

Final results for 2006 showed consolidated net profits of 1.15 billion euros and total sales of 1.98 million cars.

Fiat's improved financial position allowed it to issue share dividends for the first time in five years.

Marchionne, widely credited with having pulled Fiat out of its worst-ever financial crisis, said he expected the group to be posting net profits of 3.4 billion euros by 2010.

He also said he aimed to improve the trading profit margin in the highly competitive automobile sector to 2.1-2.9 percent from 1.2 percent in 2006.

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