Daimler doubles profits thanks to EADS sale

Daimler doubles profits thanks to EADS sale
Photo: DPA
German automaker Daimler announced on Wednesday that its profits doubled in the second quarter, propelled in no small part by one-off gains from the sale of its stake in aerospace giant EADS.

Daimler said in its interim report that net profit doubled to €2.8 billion in the period from April to June from €1.47 billion a year earlier.

As already reported earlier this month, underlying or operating profit, as measured by earnings before interest and tax (EBIT), amounted to €5.24 billion compared with €2.268 billion a year earlier.

And revenues rose by 2.8 percent to €29.69 billion.

Daimler said the second-quarter figures “were boosted by a gain totaling €3.2 billion related to the re-measurement and to the sale of the remaining EADS shares.”

“As we previously announced, our earnings in the second quarter improved significantly compared with the first three months of the year and exceeded market expectations,” said chief executive Dieter Zetsche.

“This represents progress in our earnings development, but no cause for complacency. We will continue to work hard on achieving our goals,” Zetsche

said.

On July 12, Daimler had said it was sticking to its full-year profit forecasts.

AFP/kkf


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