German truck maker MAN says profits down in third quarter
German truck maker MAN said on Wednesday that profits fell in the third quarter as the looming economic slowdown began to affect business.
MAN said in a statement that its bottom-line profit fell by 9.0 percent to 171 million euros ($236 million) in the period from July to September.
Third-quarter sales were up 7.0 percent at 4.034 billion euros while incoming orders rose 10 percent to 4.096 billion euros.
"The MAN Group continued its strong performance of the first half of the year in the third quarter," the statement said.
However, "slower macroeconomic growth has also left its mark on our business development. The growth remains intact, but the pace of growth is slowing."
Looking ahead to the full year, chief executive Georg Pachta-Reyhofen said 2011 "will certainly be a very good year for the MAN Group. We are continuing to expect revenue growth of 10-15 percent full-year."
The medium-term trend "is also continuing to point upward," he insisted.
© 2011 AFP