CHRYSLER NET PROFIT OF $1.1 MILLION REPORTED
|Topics: Chrysler Corporation
Florida Automotive Journal
Chrysler Corp. reported Oct. 19, that net profit in the third quarter of $1.1 million or 2 cents a share, on sales of $1.7 billion. This compared with net profit of $3.8 million or 7 cents a share on sales of $1.6 billion in the similar period of last year.
The company said that it had increased its share of the U.S. car market in the first nine months to 17.4 per cent, compared with 17 per cent in the similar period of last year. It added that the initial response of the public to Chrysler's new 1971 model cars has been excellent, with early sales showing an increase over a year ago. The company said its products were "leaders in the compact sector of the U.S. market in the first nine months, with 37 per cent of market sales."
The company indicated that while operations abroad have been "profitable in the main" results there have been affected by adverse business conditions, including rising costs, credit and price controls, etc. Chrysler - United Kingdom results have been severely affected by work stoppages, the report said.
"Stringent programs of cost reduction and control are underway in all these countries," the report said.
Improved liquidity had been achieved, the report indicated.
Debt, payable in one year, which amounted to $673 million at the end of March had been reduced to $369 million as of Sept. 30, the report said. Net current assets totaled $558 million on Sept. 30, against $532 million at the end of 1969.
In the first nine months, on sales of $5.1 billion, net loss was $20.2 million, against a net profit of $93.2 million of $1.97 a share in the similar period of last year. All of the loss was incurred in the first quarter, when Chrysler reported a net loss of $29.4 million.
|Connect with The Crittenden Automotive Library|