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Fiat Group losses worsen

Fiat Group has reported a increased net loss for Q1 - 699 million euros ($808 million), compared to 663 million euros in the same period last year.

Contributory factors included the effects of flooding that stopped production at an engine plant in southern Italy at the beginning of the year and losses from its minority interests, Fiat said.

The company's operating loss grew to 342 million euros ($395 million) from 299 million euros the previous year.

Revenues totaled 12.3 billion euros ($14.2 billion), compared to 14.1 billion euros in the first three months of 2002.

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