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Daimler quarter profit boost

Wednesday, July 23 08:26:07

Germany's Daimler reported a 12 percent gain in underlying second-quarter operating profit on Wednesday, propelled by new Mercedes-Benz models including the C-Class sedan and S-Class limousine.

The Stuttgart-based maker of trucks and cars said group earnings before interest and tax (EBIT) from ongoing business rose to 2.46 billion euros ($3.3 billion) from 2.19 billion in the three months ended June, beating a 2.38 billion average forecast in a Reuters poll.

Profitability at Mercedes-Benz Cars, Daimler Buses and Trucks all rose, the company said, while cautioning that it was still looking for ways to cut costs amid turmoil in emerging markets.

"We are continually looking at ways to improve our structural efficiency," Chief Executive Dieter Zetsche told journalists during a conference call, while declining to put a figure on the extent of potential savings.

Currency volatility, mainly related to emerging markets including Brazil, sliced 260 million euros from Daimler's earnings during the quarter.

The EBIT of Mercedes-Benz Cars jumped 35 percent and its return on sales - closely watched as a measure of performance compared with rivals Audi and BMW - rose to 7.9 percent from 6.4 percent in the year-earlier quarter, though still below the 10 percent goal it has set itself.

(Reuters)

For more visit: www.businessworld.ie