Daimler profits increase by half in a year

Daimler profits increase by half in a year
Photo: DPA
Germany's Daimler, maker of Mercedes-Benz, said on Thursday its net profit rose in the third quarter, helped by higher car and truck sales as well as efficiency gains.

Net profit jumped 53 percent year-on-year to €1.84 billion in the three-month period to September as income tax payments fell.

Operating profit rose 16 percent to €2.23 billion, slightly better than a forecast of €2.07 billion from analysts polled by Dow Jones Newswires.

“This shows that the high investments we have made were money well spent,” said chief executive officer Dieter Zetsche.

The Stuttgart-based company gave a forecast for the full year, predicting earnings before interest and tax at about €7.5 billion, below the previous year’s €8.1 billion.

Previously the company had only said profit would decline as it invests in new models.

READ MORE: Foreigner quota to fix ‘too German’ Daimler

AFP/kkf

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