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Less than two years after a government-backed bankruptcy, iconic US automaker Chrysler yesterday posted its first annual profit and vowed to keep the money pouring at an even faster pace.
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 $183 million from a $652 million loss in 2010, thanks to fourth quarter earnings of $225 million.
The company forecast that net income would jump to around $1.5 billion in 2012 as revenues rise to $65 billion from $ 55 billion in 2011 and $42 billion in 2010.
“The house is in good order. We are proud of the work we’ve done,” said Mr Sergio Marchionne, Chairman and Chief Executive of Chrysler and Fiat.
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