Chrysler Q3 net profit up

Last Updated: Tue, Oct 30, 2012 08:00 hrs

Chicago, Oct 30 (IANS) Chrysler Group LLC has reported a net profit of $381 million for the third quarter, up 80 percent from the same period a year ago.

It is the third consecutive quarter of solid profitability for the company, which means the 26,000 members of the United Auto Workers(UAW) employed in Chrysler's factories are one step closer to receiving the rest of their signing bonus as stipulated by the unions 2011 agreement with the automaker, reported Xinhua.

"Based on third-quarter earnings, Chrysler Group LLC confirms that it has met three quarters of the financial threshold required to pay the second half of the UAW contract ratification bonus," said Chrysler spokeswoman Jodi Tinson in a statement.

If Chrysler's recovery remains on track, those workers will receive a check for $1,750 next year.

Chrysler ended the quarter with $11.9 billion in cash. Net revenue for the quarter was $15.5 billion, up 18 percent.

Chrysler has benefited from its focus on the North American automobile market, which is experiencing a modest rebound.

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