Chrysler reports $199 million net loss in Q4

By @ibtimes on

Chrysler Group LLC, the automaker managed by Fiat SpA, reported a $199 million net loss for the fourth quarter on Monday and it expects to be profitable in 2011, the year 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 a fewer sales to fleet customers.

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 during 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.

(Reporting by Deepa Seetharaman; Editing by Derek Caney)

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