Chrysler Says It Made $1.1 Billion in First Six Months; Has $11 Billion in Cash
By Michelle Krebs August 1, 2008By Michelle Krebs
Privately held Chrysler pulled back the cloaks of secrecy on its finances Friday by revealing it had earned on $1.1 billion on a pre-tax, pre-depreciation basis and had cash reserves of $11.7 billion.
Chrysler, of which about 80 percent was purchased by private equity firm Cerberus Capital Management exactly a year ago, revealed the normally confidential financial data because it didn't want to be painted with the same brush as other domestic automakers, notably General Motors, which reported Friday a $15.5 billion loss in the second quarter.
"In times like this when some of the other industry players are encountering difficulty, there's a lot of interest in the credit-worthiness of companies," said Chrysler President Jim Press in a Friday conference call on July sales with the media."There's been speculation -- false speucatlion -- rumbling around about Chrysler."
LEAVE A COMMENT