Well, for last quarter, anyway.
Apparently they made Euro21M profit, after 17 quarters of losses.
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I don´t know what´s more amazing - last month´s profit, or the fact that they were on a losing streak of just 17 quarters.
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In business, if turn-arounds are that marked, they usually result from creative accounting. Nothing illegal, just pulling forward incoming monies and writing down bad investments in the previous quarter.
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SO for over 4 years they never made any profit. Say they lost ?22m each quarter (conservative) thats a loss of ?374million.
The mafia sure is laundering a lot of ?
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TourVanMan TM < Ex RF >
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In business, if turn-arounds are that marked, they usually result from creative accounting. Nothing illegal, just pulling forward incoming monies and writing down bad investments in the previous quarter.
depends how big the turnaround was: what was the pattern of losses in previous quarters? It might be a slow but steady improvement, though I don't think either of us knows either way.
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Overall Fiat made a profit but more importantly
How did they do in the UK?
Last year around this sort of time Fiat UK's market share fell and more important, for Fiat UK, it was their private punters that failed to buy as many as in the past.
Their overall numbers were down but an increasing share of their smaller sales were to fleets - Big Rental companies get big discounts and make for small profits - 40% off was banded about as apossible Big Rental Deal discount.
It would be interesting to know if Joe Public has come back to Fiat in the UK or if the drift to Korean and other Eastern Brands continues - Built in features & quality in Far Eastern and Eastern Europe - Models with equipement as Standard /5 year warranties on Hyundai / new models from Eastern Europe (Aygo / C1 /Swift etc)..............
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Sales are 'only' down 50% in the UK last year IIRC. Pretty poor considering the Panda is now fully on stream and should be their bread and butter. But this seems to be the only model that sells. In Europe they are not doing so badly.
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Fiat Group as a whole havent done as badly. The auto division has continually dragged them down, but in many of those loss making quarters they've still overall made profit. Now the auto division is making profit things should be better for them.
As for models in the UK, with the new Punto arriving now, it should improve sales.
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