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Chrysler posts $4 bn loss since bankruptcy exit

Chrysler posts $4 bn loss since bankruptcy exit
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First Published: Wed, Apr 21 2010. 03 50 PM IST
Updated: Wed, Apr 21 2010. 03 50 PM IST
Detroit: Chrysler reported a $197 million first-quarter net loss on Wednesday, but said it had an operating profit and that cash flow turned positive due to sweeping cost cuts it made during its 2009 bankruptcy.
Chrysler posted a $3.8 billion net loss from 10 June, when it emerged from a US government-financed bankruptcy under management control of Fiat, through the end of 2009.
The No. 3 US automaker, Chrysler said it had ended March with $7.4 billion in cash and total available liquidity of $9.8 billion.
Chrysler said it was on track to break even on an operating basis in 2010 and meet other financial targets for the year. It expects negative cash flow of $1 billion for the full year.
The results showed the impact of sweeping cost cuts the automaker has undertaken through its U.S. government-funded bankruptcy last year, but also underscored continuing pressure from a non-stop slide in its sales and market share.
The first full accounting of Chrysler’s financial performance as a leaner company came as across the Atlantic, Italian partner Fiat unveiled its first strategic plan since its marriage to Chrysler.
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First Published: Wed, Apr 21 2010. 03 50 PM IST
More Topics: Company Results | Chrysler | Automaker | Auto | Motor |