New York: US automaker Chrysler on Tuesday said that the company was on a comeback after posting its first quarterly profit since emerging from bankruptcy in June 2009.

Chrysler's Chief Executive said that the troubled Fiat-controlled US automaker was on a
comeback after posting its first quarterly profit since emerging from bankruptcy in June 2009.

Laden with debts to the US and Canadian governments for saving it from collapse during the 2008-2009 recession, the number-three US automaker  reported USD 116 million in net
profit for the first quarter, compared with a net loss of USD 197 million in the year-ago period.

Revenue leaped 35 percent to USD 13.24 billion as global sales jumped 18 per cent jump: 394,000 vehicles were sold, and at higher prices.

First-quarter adjusted operational profit more than tripled from a year ago to USD 477 million.

Sergio Marchionne, chief executive of both Chrysler and Fiat, credited the improved sales and financial performance in the quarter to a "rejuvenated product lineup" that is "resonating with customers."

"The mood is one of pride, and I guess comfort, in knowing that we are executing according to plans," he told analysts in a conference call.

"Success is incredibly temporary," he added. "The first quarter is done, we have a lot of quarters to do, but I think the house is in good shape."

The US automaker confirmed its 2011 outlook for profits of USD 200-500 million and revenue to exceed USD 55 billion.

But the profit forecast did not include a possible USD 400 million cost of refinancing its debt to the governments and other potential restructuring costs, the company said.

Agencies