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Daimler: cuts dividend after weaker profit in 2019

( - German auto giant Daimler plans to slash its dividend after stagnant sales drove it to post a weaker profit in 2019.

At its forthcoming annual general meeting on 1 April, the company will propose a dividend of 0.90 euro per share, a fraction of the 3.25 euros in 2018, it said on Tuesday.

The move comes as Daimler saw its net profit crumble to 2.7 billion euros last year, from 7.6 billion euros in 2018, albeit with group unit sales of 3.34 million vehicles, flat from the 3.35 million posted for the previous year.

"We cannot be satisfied with our bottom line," said Ola Källenius, the chairman of the board of management.

"We will take the necessary actions to enhance our financial strength as the basis for our future strategy," he added.

Daimler confirmed that it expects full-year 2020 group unit sales to be slightly below the previous year's level.

Despite these weakresults, Daimler said it will offer its 130,000 employees profit sharing of up to 597 euros and a one-time appreciation bonus of up to 500 euros.

The Daimler shares were up about 0.5% in the Frankfurt Stock Exchange after this report.

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