Struggling Fiat drives down losses to €3.8m
FIAT Ireland managed to reduce its losses to €3.8m last year from just over €6m in 2011 despite turnover dipping to slightly more than €18m.
Newly filed accounts for the business show that it has continued to struggle during a catastrophic few years for the vehicle industry in Ireland.
Sales at the company, whose marques also include Jeep, Chrysler and Alfa Romeo, declined to €18.06m in 2012 from €18.77m in 2011. But it cut its cost of sales to €13m from €14.3m, while other operating expenses fell to €8.1m from €10.5m.
Of the turnover generated last year, €14.9m related to new vehicle sales and €3.1m to spares.
The Fiat group had an 8pc share of the market in Ireland in the late '90s, but by 2007 it had tumbled to just 1pc.
The most recent figures from the Society of the Irish Motor Industry show that between January and the end of September, there were 442 new passenger car registrations for Fiat in Ireland, giving the marque a 0.62pc of market share.
For Chrysler, there has been just 10 registrations. There have been no new Jeep passenger vehicle registrations since the start of the year and only 13 Alfa Romeo registrations.
It makes the Fiat group the worst performing of the main auto groups here for passenger vehicles. Fiat spent €674,000 on restructuring in 2012.