Chrysler to post 2002 profit

Berlin January 22, 2003; Bloomberg reports that DaimlerChrysler AG's Chrysler unit expects to report an operating profit excluding one-time charges of more than $1 billion for 2002, said company spokesman Mike Aberlich.

Chrysler Chief Operating Officer Wolfgang Bernhard told German magazine Automobilwoche in an interview that the unit would have the operating profit of more than $1 billion without clarifying whether it included the one-time costs.

The U.S. unit reported an operating profit excluding reorganization costs of $1.28 billion for the first nine months of 2002. Profit before interest and taxes, including the costs, was roughly $532 million for the period.

For this year, Chrysler is aiming to post profit of $2 billion, helped by the company's turn-around plan. Chrysler is planning new models to help it meet its target of making 1 million vehicles annually within five years.

Chrysler lost $1.9 billion in 2001. DaimlerChrysler reports preliminary earnings Feb. 4. Stuttgart, Germany-based DaimlerChrysler's U.S. share price has fallen 39 percent in the past year.