CBJ – May 02 – Chrysler Group has reported a profitable first quarter, its first of successful earnings since the automaker company declared bankruptcy nearly two years ago.

Chrysler, which declared bankruptcy in April 2009, is now partially owned by Italian automaker Fiat, which has played a role in the resurgence of the company.

First quarter earnings reached $116 million, significant growth from $197 million in losses during last year's first quarter. Net revenues were up more than 35 per cent on last year's numbers, reaching $13.1 billion.

Sergio Marchionne, Chrysler and Fiat CEO, attributes the quarterly results to a "new corporate culture" within the company, "built on the quality of our products and processes, and simple, sound management principles."

New models, like the Jeep Grand Cherokee, Chrysler 300, and the New Fiat 500, were also attributed to the boost in company sales. Chrysler hopes its year-long numbers can grow to $55 billion in revenue with profit figures between $200 million and $500 million.

"Chrysler Group's improved sales and financial performance in the first quarter show that our rejuvenated product lineup is gaining momentum in the marketplace and resonating with customers," Marchionne said.

Late last month, Ford Motor Co. reported a resurgent quarter, while fellow automaker General Motors Co. is expected to announce its quarterly results this week. The financial rebirth provides a boost for the American automotive sector.

Fiat currently holds a 30 per cent stake in Chrysler ownership.