Source Pravda.Ru

Fiat's Iveco Truck unit reports .05 percent revenue growth in 2006

Revenue at Fiat SpA's truck unit Iveco grew to about Ђ9 billion (US$11.6 billion) in 2006, from Ђ8.5 billion a year earlier, the company said.

Iveco chief executive Paolo Monferino said during a presentation in Monte Carlo that the Fiat truck unit's 2006 performance was in line with targets. More details were to be disclosed when Fiat reports full-year 2006 earnings on Jan. 25.

The unit lifted its operating profit margin to about 6 percent of revenues in 2006, again in line with targets. In 2005, Iveco's operating margin was 3.9 percent of revenues, reports AP.

Iveco, a unit of the Fiat Group SpA, designs, manufactures and markets a wide range of commercial vehicles and produces public transport vehicles as well as special purpose vehicles for defense and civil protection applications, engines and firefighting vehicles.

The Basmanny Court of Moscow arrested Michael Calvey, the founder of Baring Vostok investment fund, on allegations of embezzling 2.5 billion rubles from Vostochny Bank. Calvey will be held in custody until April 13

Putin informed about arrest of US investor Michael Calvey
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