By Nat Shirley
Monday, Jul 30th, 2012 @ 1:57 pm
 
Chrysler Group has reported a second-quarter net profit of $436 million. That figure is a significant improvement from the company's $370 million net loss for the same quarter last year, when it spent $551 million to pay back its bailout debts to the U.S. and Canadian governments.

The Auburn Hills-based automaker's global vehicle sales rose 22 percent to 630,000 units in the quarter, while its U.S. retail sales were up 32 percent. Revenue increased to $16.8 billion, an improvement of 23 percent from $13.7 billion in the second quarter of 2011.

"Our results reflect a tireless pursuit by the people of Chrysler Group to deliver the very best quality and value across our brands," said Chrysler-Fiat Sergio Marchionne in a statement. "Together, we are always striving to achieve more, to learn from the past and build upon our successes."

Earlier this month, Marchionne predicted an operating profit in excess of $3 billion for Chrysler in 2012.

"Chrysler sold 1.23 million cars in the first half, which is over half of our target," Chrysler CEO Sergio Marchionne told Reuters. "The objective of $3 billion is close at hand. We could overshoot it."