16 April 2014, Wednesday
Today's Zaman

Daimler Q1 net rises 20 percent, Mercedes slips

27 April 2012, Friday /AP
Automaker Daimler AG says net profit rose 20 percent to 1.42 billion euros ($1.88 billion) in the first quarter despite a slip in earnings at its key Mercedes luxury car business.

Revenues rose 9 percent to 27.01 billion euros and the company sold 9 percent more vehicles worldwide, at 502,086. Both the sales and net profit figures beat the average analyst estimate compiled by FactSet, which foresaw profit of 1.22 billion euros.

Divisional earnings slipped 3 percent at the Mercedes-Benz Car division, the company's biggest. Daimler said Friday that spending on expanded production capability and upcoming new vehicles weighed on the results, as did what it called temporarily weaker pricing in the crucial Chinese market. Daimler CEO Dieter Zetsche, who also heads the Mercedes division, called it "a strong quarter." "Despite higher investment in future growth and a challenging market environment, we succeeded in surpassing the very good prior-year results," he said in a statement. The company reaffirmed its cautious outlook for the year, saying earnings before interest and taxes would match last year's.

BUSINESS  Other Titles
Minister: Passage of South Stream pipeline via Turkey possible
Number of job seekers hits 10-year high
Turkish central bank meeting eyed for signs of political meddling
Pakistan publishes list to embarrass tax cheats into paying up
Passage of South Stream pipeline via Turkey possible
Turkish cement firms eye assets after Holcim-Lafarge merger
Turkish schools help to enhance trade relations with Africa
Unemployment rate sees decrease year-on-year in Jan
Pegasus Airlines to start flights to Bahrain
Installment payments down 16 pct since credit card regulation implemented
Euro zone's trade surplus widens on rising exports in February
Doğan Holding merges with publishing group
Turkey's Koç: We will concentrate our energy on investments
EU lawmakers complete financial system overhaul
Egypt limits air conditioning in mosques as power shortages worsen
TL 1.5 billion budget deficit seen in Q1
Cacharel to bring womenswear to Turkey with 2015 season
Business organization begs for refocus on economy
Purge in bureaucracy may unsettle markets, economist warns
Industrial turnover index falls 0.2 pct in February