A press report has warned that Italian industrial group Fiat could post a net loss of more than €4 billion ($4.31 billion).
The Italian daily Corriere della Serasaid the massive loss would result not only from losses by the ailing Fiat Auto division but also owing to restructuring costs, asset devaluations, divestment losses and interest payments on Fiat's huge debt.
Analysts had expected Fiat's net loss to be between €2.15 and €3.188 billion compared to a loss of €445 million in 2001. But Corriere della Serasaid Fiat had decided "clean house in order to turn the page and carry nothing over" to the current fiscal year.
The board meeting began yesterday to confirm the arrival of Mr Umberto Agnelli in place of outgoing chairman Mr Paolo Fresco, reaffirming links with the founding Agnelli family - who are still key Fiat shareholders.
Mr Agnelli's nomination as Fiat chairman followed the recent death of group patriarch Mr Giovanni Agnelli and comes as the group struggles with a financial crisis.
AFP