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July 30, 2009

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Home » Business » Auto

Daimler shares rise despite sinking sales

GERMAN auto and truck maker Daimler AG said yesterday it lost 1.06 billion euros (US$1.51 billion) in the second quarter as sinking sales and charges related to relinquishing its 19.9 percent stake in Chrysler hurt earnings.

But the result was better than analyst predictions and company shares rose.

Daimler, one of the world's leading luxury car makers with brands including Mercedes-Benz, Maybach and Smart, said the loss in the April-June period compared with its profit of nearly 1.3 billion euros last year.

Despite the third quarterly loss in a row, the company predicted a "gradual improvement" in its operating profit in the coming months.

The news helped push Daimler shares up nearly 5.4 percent to 31.68 euros in Frankfurt trading.

Sales fell 25 percent to 19.6 billion euros in the quarter compared to 26 billion euros last year.

Sales across all of its units slid 31 percent in second quarter compared to last year with just 391,500 of its vehicles sold worldwide.


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