The manufacturer says its economic recovery began in the second half of 2003 and puts its net profit down to the 'strongest global growth rates in the last thirty years'.
Iveco says that although growth was not as strong in western Europe as in Asia and the US, positve trends in the UK, France and Spain helped the European commercial vehicle market to expand by 11.8%.
Iveco's total sales and revenues anounted to €9.3bn (£6.5bn), a 10.2% increase on 2003.
Operating income increased from €81m (£56.4)in 2003 to €357m (£248.5m) last year. The companies debt reduced from €397m (£276m) to €33m (£22.9m) and the company achieved its much improved results while still investing €231m (£160.8m) in research and development programmes.
In a joint statement, Iveco chief executive Paolo Monferino and chairman Sergio Marchionne said: 'Our commitment to the satisfaction of our customers and stockholder, by focusing incessantly on the market, the excellent quality of our products and services, and our global presence in partnership with our dealers, will be confirmed in full in 2005, in a market that continues to show signs of growth.'