Daimler: posts quarterly loss on higher investment
(CercleFinance.com) - Daimler posted on Wednesday a loss for the second quarter ended 30 June, mainly impacted by exceptional items of 4.
2 billion euros.
In the second quarter, the German auto giant recorded a net loss of 1.2 billion euros, compared to a net profit of 1.8 billion euros in the same period a year ago.
The loss is due to higher working capital, as well as high investments in future products, plant and equipment and increased R&D expenditure, the carmaker said.
The group's total unit sales fell by 1% to 822,000 passenger cars and commercial vehicles.
Daimler said it expects earnings and free cash flow to improve significantly by the end of the fiscal year compared with the first half, which seemed to reassure investors.
The Daimler share was up 1.1% in morning trading in Frankfurt.
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