Business

Daimler: Carmaker races ahead of expectations in Q1

Daimler: Carmaker races ahead of expectations in Q1

CEO of German carmaker Daimler and Mercedes-Benz, Dieter Zetsche, poses inside a Mercedes-AMG C 63 Cabriolet ahead of the annual shareholders meeting in Berlin, on March 29, 2017

Daimler said that its Mercedes-Benz division turned in operating profit of 2.2 billion euros in the January-March period.

German top-of-the-range carmaker Daimler said its underlying profits overtook expectations and almost doubled in the first three months of the year, driven by the strong performance of its Mercedes-Benz brand.

Daimler said in a statement released late Tuesday that underlying or operating profit totalled four billion euros ($4.2 billion) in the period from January to March, up from 2.1 billion euros a year earlier.

"Daimler has achieved group earnings before interest and tax for the first quarter 2017 that are significantly above market expectations," the company said.

Daimler, which overtook arch-rival BMW to become the world's biggest maker of luxury cars by sales in 2016, said that its Mercedes-Benz division turned in operating profit of 2.2 billion euros in the January-March period, up 60 percent from the year-earlier period.

Daimler Trucks lifted profits by 29 percent to 668 million euros.

One-off factors also boosted earnings, such as a deal to bring on board new partners and investors for the digital mapping service HERE, Daimler said.

It also booked gains from the sale of real estate at Mitsubishi Fuso Truck and Bus Corporation and the reversal of writedowns on its investment in its Chinese partner, Beijing Automotive Industry Corporation (BAIC).

Daimler said it is scheduled to publish full details of its first-quarter results on April 26.

Source: Business

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

More in Business

CBN: Apex bank boosts foreign exchange supply with $195M

adminJuly 17, 2017

National Bureau of Statistics: Nigeria’s inflation drops to 16.10 % in June – agency

adminJuly 17, 2017

Introducing TEDxYaba 2017: Maryam Uwais, Omobola Johnson, Seni Sulyman, Lala Akindoju, Judith Okonkwo and more to speak at the Event

adminJuly 17, 2017

CBN: Apex bank injects $142.5M into foreign exchange market

adminJuly 10, 2017

Max-Migold Facilities Master Craft Program: Earn from N150,000 monthly as a Facility Mangaer

adminJuly 10, 2017

In China: Govt opens $10 trillion bond market in liberalisation step

adminJuly 3, 2017

Economic Recession: Prof Nwaekeaku says CBN’s intervention in forex market is temporal

adminJune 26, 2017

Audu Ogbeh: Nigeria begins yam export to US and UK

adminJune 26, 2017

Cocoa House: Osun move to revival South-West cocoa phenomenon, process 20,000 tonnes daily

adminJune 24, 2017

Copyright © 2016 NigeriaOnline.