Fiat-Chrysler, the world’s seventh-largest automaker, doubled its profits in 2017, cutting its debts in half – from €4.6 billion in 2016, to € 2.4 billion in 2018. The company’s net profit last year grew from €1.8 billion to €3.5 billion. Recorded net sales were of 4.7 million vehicles, with the net revenue of around €111 billion, and revenue before taxes and interest rose by 16%, to around €7 billion. Right after the earnings report announcement, the company’s shares on the Milan stock exchange rose by about 3%, to 20 euros. Fiat Chrysler said it expects net revenue of €125 billion in 2018, revenue of at least €8.7 billion and a net profit of €5 billion.
Swiss drug maker Novartis declared on Wednesday that its net profit for Q4 2017 rose by 111% compared to Q4 2016. The profit was $1.98 billion, compared to $936 million in Q4 of 2016, thanks to a strong growth of operating profit and the high income of its subsidiaries or its contribution. Shareholders’ profits rose by 113%, to $0.85 per share from $0.40 per share in Q4 2016. Net sales for the fourth quarter of last year were $12.92 billion, a 5% growth from the same period last year and $12.32 billion, while analysts were expecting $12.79 billion in revenue.
General Electric Co. posted a 5% decline in revenues, and suffered a $10 billion loss in Q4 2017, as the company already announced $11 billion in costs to cover insurance and tax losses. The US industrial giant said profits had fallen by 88% in the troubled electricity activities that manufacture power generation equipment. Total liquidity from industrial operations in Q4 was $7.8 billion, exceeding expectations of $7 billion, according to the company. GE’s total loss for Q4 2017 was $10.01 billion, compared to $3.48 billion a year before. Total revenue fell from $33.09 billion to $31.40 billion.
South Korea’s Kia Motors, the country’s second-largest automaker, said on Thursday its earnings dropped by 65% last year, echoing local currency strength and declining sales in major markets. The company reported a net profit of 968 billion won ($913 million) last year, a decline compared with the 2.755 trillion won from 2016. The strength of the won against the dollar and the political tensions with China over the deployment of the US missile defense system in South Korea negatively affected the company’s annual sales.
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