MILAN (AP) — Fiat SpA, the Italian automaker that controls Chrysler LLC, said Wednesday it had reduced its fourth-quarter losses in Europe last year, helping earnings more than double as North American sales continued to surge.
The carmaker based in the northern Italian city of Turin posted net profit of €102 million ($138 million), up from €43 million in the same period last year as Fiat. Revenues were €21.8 billion.
For the full year, net profit shrank to €348 million from €1.3 billion in 2011. Fiat owns 58.5 percent of Chrysler, which earned $1.7 billion last year as Jeep, Dodge, Chrysler and Ram all registered double-digit sales increases.
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