DETROIT (Bloomberg) -- Chrysler Group said it posted a $143 million operating profit in the first three months of the year after cutting costs and introducing a big pickup.
Revenue rose to $9.69 billion in the first quarter, up 2.7 percent from the final three months of 2009, the automaker said in a statement. Chrysler reported a net loss of $197 million in the first quarter, compared with a net loss of $2.69 billion in the final three months of last year.
After emerging from bankruptcy June 10 through the end of 2009, Chrysler said it lost $3.8 billion on revenue of $17.7 billion. Fiat S.p.A. obtained a 20 percent stake in Chrysler after the company reorganized in Chapter 11 with $15 billion in government support.
“This positive operating result in the first quarter is a concrete indication to our customers, dealers and suppliers that the 2010 targets we have set for ourselves are achievable,” Sergio Marchionne, CEO of Chrysler, said in the statement. “We are also generating cash to finance the investments being made in our product portfolio and brand repositioning.”