Chrysler Q2 net loss widens after repaying debt

Reuters

DETROIT (Reuters) - Chrysler Group LLC, controlled by Fiat SpA <FIA.MI>, reported a second-quarter net loss on Tuesday after the U.S. automaker repaid $7.6 billion in loans to the U.S. and Canadian governments.

Chrysler, which makes the Jeep, Dodge, Ram and Chrysler brands, reported a net loss for the second quarter of $370 million, compared with a net loss of $172 million a year earlier.

Continue Reading Below

Excluding a $551 million charge related to the debt repayment, Chrysler reported an adjusted profit of $181 million.

Revenue rose 30 percent from a year earlier to $13.7 billion.

Chrysler emerged from a federally funded bankruptcy more than two years ago under management of Fiat. The Italian automaker last week took majority control of Chrysler.

(Reporting by Deepa Seetharaman, editing by Gerald E. McCormick)

What do you think?

Click the button below to comment on this article.