German trucker MAN roars back into black

21st March 2011, Comments 0 comments

German heavy truck maker MAN said Monday its difficulties were now in the rear view mirror, as it roared back into profit in 2010 and predicted a clear road ahead.

Net profit rose by 722 million euros ($1 billion) last year, the firm said, following a net loss of 258 million euros in 2009.

"MAN regained its strength in 2010. Profit in the operating business doubled," said Georg Pachta-Reyhofen, the firm's chief executive.

The group's chief financial officer, Frank Lutz, added: "Following a good few months, we expect revenue growth of between seven and 10 percent for 2011."

Operating profit in 2010 rose to 1.035 billion euros, the firm said.

Investors cheered the results, with shares in the firm up 2.5 percent, outperforming the wider DAX market.

© 2011 AFP

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