Exor Profit Jumps on Fiat Chrysler Results – Wall Street Journal
Exor SpA, the Italian holding company that controls Fiat Chrysler Automobiles
NV, Monday said first-half profit almost doubled as the car maker’s results improved and it consolidated a recent acquisition.
Net profit rose to €430 million ($481 million) in the first six months from €219 million in the same period last year. Exor said it expects to make a profit for the full year.
Fiat Chrysler contributed €227 million to Exor’s results, almost double the amount from last year’s first half. Exor also booked €152 million in profit from its ownership of reinsurance company PartnerRe that it agreed to buy last year. Exor, which is controlled by the Agnelli family, has a controlling stake in luxury race car manufacturer Ferrari that also contributed positively to the holding company’s bottom line.
In the first half of this year, Exor booked gains on all its largest investments except for a €17 million loss from its 60% stake in Juventus Football Club, Italy’s most successful soccer team.
Exor’s net asset value declined 14% in the half to $11.5 billion, in large part due to the 35% drop in Fiat Chrysler’s share price in the period.
On Sept. 3, Exor will hold its last shareholders’ meeting in Turin, home to Fiat for more than a century, ahead of its planned move to the Netherlands. Exor is following in the footsteps of Fiat Chrysler and Ferrari, which are already registered as Dutch companies.
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