Results 1 to 1 of 1
Thread Information
Users Browsing this Thread
There are currently 1 users browsing this thread. (0 members and 1 guests)
-
05-03-2011, 12:55 PM #1
Chrysler Turns 1st Profit Since Bankruptcy
Chrysler Turns 1st Profit Since Bankruptcy
Revenue climbs 35% as Big Three return to profitablility
By Matt Cantor, Newser Staff
Posted May 2, 2011 8:09 AM CDT
(Newser) – Good news for Detroit: The Big Three automakers are all profitable once again. Chrysler has reported its first net profit since leaving bankruptcy nearly two years ago, with a net income of $116 million in the first quarter. The firm saw revenue jump 35% to $13.1 billion compared to Q1 of 2010, with worldwide vehicle sales hitting 394,000, an 18% rise. Chrysler has seen operating profits over the past few quarters, but it was still losing money overall due to the hefty interest payments (to the tune of $348 million in Q1) on its $7.5 billion in US and Canadian government loans, the Wall Street Journal reports.
Chrysler will soon pay off those loans with financing from several banks, it announced last week, a move that will lower its interest payments and distance itself from the governments. “Chrysler Group's improved sales and financial performance in the first quarter show that our rejuvenated product lineup is gaining momentum in the marketplace and resonating with customers,â€NO AMNESTY
Don't reward the criminal actions of millions of illegal aliens by giving them citizenship.
Sign in and post comments here.
Please support our fight against illegal immigration by joining ALIPAC's email alerts here https://eepurl.com/cktGTn
72 Hours Till Deadline: Durbin moves on Amnesty
04-28-2024, 02:18 PM in illegal immigration Announcements