Daimler reports net lost for fourth quarter 2008
Daimler has reported a net loss of 1.53 billion for the fourth quarter of 2008, after an unexpected fall in Mercedes-Benz sales.
The results were much worse than forecast, with analysts having predicted a loss of about 227 million.
In the same quarter during 2007 the company made a profit of 1.7bn. It is Daimler's first quarterly loss since selling the Chrysler brand in 2007.
For 2008 as a whole, Daimler announced a net profit of 1.4bn, down 65%. The truckmaker and luxury carmaker said 2008 had consisted of 'a very good first half and a difficult second half'.
Daimler said global demand for cars could fall by another 10% this year because of the economic downturn.
However, despite the fall in Mercedes-Benz sales, Daimler sold 2.1 million vehicles in total in 2008, nearly equalling the number sold in 2007, the company said.
The firm added it was confident of its ability to survive the economic downturn with Daimler chairman Dieter Zetsche saying: "The Daimler Group is in a relatively strong position to meet the crisis. We have the opportunity not only to overcome this exceptional situation, but to emerge from it stronger. We are going to seize this opportunity."
Source: BBC.co.uk
Credits: Jarvis
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