Fiat to Post Net Profit in 2010

PARIS - Fiat S.p.A. expects to raise its 2010 targets and will report a net profit this year, CEO Sergio Marchionne said on Thursday, Reuters reported.

Speaking on the sidelines of the Paris auto show, Marchionne said that sales in September had not gone very well but that results in the third quarter would be better than expected.

Fiat had previously said it expected the group to be close to break even in 2010 in terms of net profit.

The integration with U.S. automaker Chrysler must be completed before the group looks at any other tie-up options, Marchionne said.

Fiat owns 20 percent of Chrysler and has options to raise its stake to 35 percent and then 51 percent.

Marchionne said the group's Fiat Industrial arm is open to any strategic alliance that strengthens the business.

The Italian group is splitting its autos and industrial businesses in a move aimed at transforming the company into a global car player.

A sale of Fiat's Alfa Romeo brand is not being discussed, Marchionne said, adding that a bourse listing for the group's Ferrari unit is a possible option but there were no plans for this at the moment.

Volkswagen's chairman had on Wednesday expressed interest in buying Alfa Romeo.