Fiat has unveiled second quarter profit plunging 54% to EUR197m (US$264m), although worldwide shipments rose 2% to 1.2m units.

The automaker attributes the large profit fall mainly to lower EBIT and a EUR137m increase in the tax charge due to US earnings now being subject to deferred taxes.

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Revenues totalled EUR23.3bn, up 5% year-over-year in nominal terms and up 10% at constant exchange rates.

Net industrial debt was reduced to EUR9.7bn, improving EUR300m from the end of Q1, driven by EUR600m of positive cash-flow from operating activities, net of capital expenditures.

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