Chrysler trims loss
Chrysler Group LLC says cost cuts, manufacturing efficiency and disciplined pricing helped the Italian-run automaker slash its net loss to $197 million in the first quarter.
The red ink was far less than the staggering $3.8 billion it lost from the time it left bankruptcy protection June 10 through the end of last year.
Chrysler, now run by Italy’s Fiat Group SpA, said it posted a $143 million operating profit from selling cars and trucks, before interest and taxes.
Moreover, Chrysler said it generated $1.5 billion in cash during the quarter, raising its reserves to $7.4 billion and reducing the likelihood that it will need more government aid. And the company predicted its operations would break even or be slightly profitable this year.
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