Italy's Fiat SpA beat analyst expectations on Monday with an 83.1 percent rise in trading profit, as its key automotive business enjoyed its third quarterly profit in a row.
Fiat, Europe's fifth biggest automaker whose brands include Lancia and Alfa Romeo, also increased its forecasts for the year while confirming those for 2007.
"The group's view of second semester performances is more optimistic and supports an upward revision of group targets for the year," it said in a statement.
Fiat raised its 2006 group trading profit forecast to 1.85 billion euros ($2.3 billion) from a range of 1.6 to 1.8 billion euros.
It also raised its 2006 group net profit forecast to 800 million euros excluding one-off gains from 700 million euros.
Fiat has been producing strong results this year thanks to a massive restructuring programme and the launch of popular new models such as the Grande Punto.
Its share price was up 0.8 percent at 10.68 euros by 1442 GMT in Milan.
For the second quarter, Fiat's group's trading profit totalled 659 million euros against 360 million for the same period a year ago.
Analysts had expected a trading profit of 608 million euros, according to a median of estimates compiled in a Reuters poll.
The automotive business, known as Fiat Auto, had a trading profit of 88 million euros against a loss of 88 million euros. The figure was slightly higher than an expected 82 million euros.
Source: Reuters
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