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US helps Fiat Q4 profit more than double

Wednesday - 1/30/2013, 11:48am  ET

MILAN (AP) -- Fiat SpA, the Italian automaker that controls Chrysler LLC, saw fourth quarter earnings more than double thanks to strong North American sales that more than compensated for a weak performance in Europe.

The Turin-based carmaker posted net profit of EUR102 million ($138 million), up from EUR43 million in the same period last year. Revenues were EUR21.8 billion.

For the full year, net profit attributable to the parent company shrank to EUR348 million from EUR1.3 billion in 2011. Fiat owns 58.5 percent of Chrysler, which earned $1.7 billion last year.

Fiat also said Wednesday it would not pay a dividend in order to maintain liquidity for investments.

The carmaker said it expects to earn EUR1.2 billion to EUR1.5 billion this year on revenues between EUR88 billion and EUR92 billion.

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