Chrysler reports 4Q loss at $199M

By Reuters
Posted Jan. 31 at 6:20 a.m.

Chrysler Group LLC, the automaker managed by Fiat SpA, reported a $199 million net loss for the fourth quarter Monday and it expects to be profitable this year, when it plans to go public.

Chrysler, which emerged from a U.S. government-funded bankruptcy in mid-2009, reported fourth-quarter revenue of $10.76 billion, a slight drop from the third quarter due to fewer fleet sales.

The automaker reported an operating profit of $198 million, excluding interest expenses linked to high-interest U.S. and Canadian government loans.

Chrysler is aiming for initial public offering in the second half of 2011. Chief Executive Sergio Marchionne has said the company must report a “couple” quarters of net income before an IPO.

The company forecast net income between $200 million and $500 million for 2011. It expects its 2011 revenue to jump by nearly one-third to $55 billion.

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