Milan - Italian auto giant Fiat on Wednesday reported its net profit in the fourth quarter of last year rose to 388 million euros from 265 million euros the year before and said it was aiming for a net profit of up to 1.5 billion euros this year.

The results were upbeat despite continued decline in the European car market and were helped by a rise in sales in North America but Fiat said it would not be paying any dividends to shareholders. - Sapa-AFP