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Stuttgart-based car and trucks maker Daimler said that it expects the operating profit from its Mercedes-Benz unit to exceed that of the previous year. The announcement came even after the company had abandoned its outlook earlier in April.
The company’s earnings for the first quarter before interest and taxes (EBIT) was €617 million ($669.45 million). The data was lower from its 2019 earnings of €2.8 billion, in which €510 million came from its Mercedes-Benz unit.
Daimler said that it expects its group revenue and EBIT to still be below the year-earlier period. However, with substantial one-off charges, the Mercedes-Benz Cars & Vans division could deliver EBIT above prior-year.
Daimler had pre-released preliminary results last week which showed a plunge of nearly 70% in its first-quarter operating profit and warned that its cash flow would fall in 2020.
Japan’s Finance Minister Taro Aso expressed worries about the yen’s continual rise, calling it “rapid” and hinting at the strong currency’s impact on exports as Japan struggles through a recession. The yen’s ...
Thailand's finance ministry on Thursday cut back its 2020 economic forecast to a record 8.5% contraction in GDP. This is a substantial contrast from a 2.8% growth it expected in January as the COVID-19 situation continued to worsen. The ministry’s ...
Samsung Electronics Co Ltd looks forward to the second half of the year as it expects a larger increase in chip demand brought by new smartphone launches. However, the company warned that the coronavirus crisis and trade disputes carry risks. Samsung, ...
On Wednesday, European stocks rose slightly after mixed earnings reports. However, the new wave of the coronavirus outbreak kept investors cautious while they also wait for the U.S. Federal Reserve’s announcement. The Stoxx Europe 600 ...
China’s industrial firms had seen an increase in profits for two consecutive months. This came as the most rapid pace ever recorded in over a year, suggesting that the country’s recuperation from the novel coronavirus pandemic ...
KYC Policy