Fiat, which controls Chrysler with a 30 percent stake, made a net profit attributable to majority shareholders of 29 million euros ($41.5 million) while revenues rose seven percent to 9.2 billion euros.

Luxury brand Ferrari and the Magnetti Marelli components business saw double-digit gains.

Fiat’s Group Automobiles, the unit which owns the Fiat, Alfa Romeo and Lancia brands, saw a 2.6 percent increase in revenues to seven billion euros.

The success of the Alfa Romeo Giulietta and light commercial vehicle sales like vans offset weaker sales for passenger cars, Fiat said.

It is the company’s first quarterly earnings report since the January spinoff of the industrial unit, which makes trucks and farm and construction vehicles. CEO Sergio Marchionne said the spinoff would free up the vastly different businesses to pursue their own strategies and industrial tieups.

Shares rose in Milan trading.

Fiat SpA, which since the demerger is focused on cars, light commercial vehicles and related components, confirmed 2011 targets of trading profit — or earnings before interest, taxes and one-time items — of between 900 million euros and 1.2 billion euros on revenues of about 37 billion.

Fiat SpA’s trading profit rose nine percent on the year while Fiat Group Automobiles saw its trading profit fall 15 percent as European volumes declined and investments in new models increased.

The car business shipped 245,300 units, down 11 percent on the year.

Fiat saw its market share in Europe slide from seven percent to 5.3 percent as demand for alternative fuel vehicles waned.

The luxury market, however, roared back to life.

Ferrari sales in its main market of North America rose by three percent to 452 vehicles, while in China they rose 3.7 percent to 153 vehicles.

Trading profit for components was up 45 percent to 61 million euros a year earlier, thanks to strong results in the Magneti Marelli and Fiat Powertrain units.