*Chrysler Group LLC became the last of Detroit’s three automakers to post a quarterly profit Monday, signaling its turnaround two years after filing for bankruptcy.
The Auburn Hills-based carmaker reported a $116 million net profit – its first quarterly profit since 2006 as part of DaimlerChrysler AG – just as it prepares to launch a private debt offering. Chrysler plans to refinance its $7.5 billion in government bailout loans by June and make partner Fiat SpA its majority stakeholder by year’s end.
The profit, no matter how small, is significant for the automaker, which posted a $197 million net loss for the same period in 2010.
It’s also a morale booster for employees who survived bankruptcy and restructuring in 2009 and worked steadfastly to rebuild the company.
“I can’t put a price on that,” Sergio Marchionne, CEO of Chrysler and Fiat, said after seeing the pride of his management team Monday morning.
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