Turin, Italy  - Italian industrial group Fiat which earlier this year took control of US car giant Chrysler, reported Wednesday a 62 per cent drop in trading profit for the third quarter compared to the same period in 2008. The Turin-based Fiat said in a statement that the third quarter trading profit - earnings before interest - came to 308 million euros (460 million dollars), down from 802 million euros a year earlier.

The company said the figure was achieved "notwithstanding extremely weak economic conditions," a reference to the worst crisis to hit the car industry since World War II.

The group, Italy's largest private sector employer and Europe's sixth-largest carmaker, said it confirmed its target of a full year trading profit in excess of 1 billion euros and net industrial debt below 5 billion euros.

Fiat reported a net profit of 25 million euros for the 2009 third quarter, compared with 468 million for the same period a year ago. Revenue fell to 12 billion euros, from 14.3 billion euros.

At 1100 GMT Wednesday Fiat shares on the Milan bourse were down 3.31 per cent at 10.87 euros.

Fiat which is scheduled in November to unveil a five-year plan to revive ailing Chrysler, has boosted its share of the Western European car sales market by 0.4 per cent to 8.3 per cent through increased sales of its Fiat, Lancia and Alfa Romeo brands.(dpa)