Chrysler yesterday eked out its first post-bailout quarterly profit.

The Big Three automaker — which two years ago was saved from liquidation by President Obama in a gambit to preserve Detroit jobs — said it swung to a $116 million profit in the first quarter from a year-ago loss of $197 million.

Revenue surged 35 percent to $13.1 billion as global vehicle sales — dominated by light trucks and SUVs such as the Jeep Grand Cherokee — rose 18 percent to 394,000.

With the sales gain, its US market share crept up to 9.2 percent from 9.1 percent a year earlier.

The surging sales helped Chrysler post a net profit despite having to pay $348 million in interest during the first quarter on $7.5 billion in loans from the US and Canadian governments, which together own more than 10 percent of Chrysler.

The automaker said it has secured new loans from banks to refinance the debt by the end of June and thereby lower its interest payments.

“Our rejuvenated product lineup is gaining momentum in the marketplace and resonating with customers,” Sergio Marchionne, CEO of Chrysler and its Italian partner Fiat, said in a statement.

Chrysler introduced and overhauled 16 models last year, and said it gained market shares against rivals during the first quarter as a result. Still, as gasoline prices rise, analysts say Chrysler will have to roll out smaller, more fuel-efficient designs like the upcoming Fiat 500 to keep pace.

The good news for Chrysler, which is expected to file for an initial public offering later this year or early next year, comes as Japan’s automakers continue to struggle in the wake of March’s earthquake and tsunami, which has closed some parts manufacturers.

For example, Toyota and Nissan said they may bleed red ink in the first half of 2011 as they drive to get their assembly lines back to full speed. james.covert@nypost.com