Chrysler’s Profits Plunge 28%

Chrysler Corp. today reported net earnings of $507.6 million on record sales for the first quarter of 1985, but said earnings declined 28% from a comparable profit a year ago.

Sales were $5.4 billion, surpassing the previous mark of $5.3 billion in the final quarter of 1984. Earnings for the quarter came to $4.18 a common share compared with $5.64 a year earlier. The record sales did not produce record earnings because Chrysler has exhausted tax credits from heavy losses incurred during its brush with bankruptcy.