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Chrysler

By United Press International   |   April 21, 2010 at 8:36 AM   |   Comments

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AUBURN HILLS, Mich., April 21 (UPI) -- U.S. automaker Chrysler said it made a profit in the first quarter of 2010 and should make self-set goals such as at least a break-even year.

The car company, which was in bankruptcy from April 30 to June 10 and which is still 10 percent owned by the U.S. government, had revenues of $9.7 billion last quarter and earned $143 million when one-time charges were excluded.

"This positive operating result in the first quarter is a concrete indication to our customers, dealers and suppliers that the 2010 targets we have set for ourselves are achievable," Chrysler Chief Executive Officer Sergio Marchionne said in a company release. "We are also generating cash to finance the investments being made in our product portfolio and brand repositioning."

From the time the company left bankruptcy to the end of 2009, Chrysler said it lost $3.8 billion, with about half the loss pinned to a drop in sales and "start-up" costs.

© 2010 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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