FRANKFURT, Germany (AP) — Daimler AG, maker of Mercedes-Benz luxury cars, saw its first-quarter net profit fall 11 percent from the same quarter a year ago, when the company had one-time gains from the sale of real estate and from financial factors.
The Stuttgart-based automaker said Friday that profits also slipped at its van and bus businesses.
For the group as a whole net profit was 2.35 billion euros ($2.85 billion), down from 2.65 billion euros in the year-ago quarter, when the company's Mitsubishi Fuso truck business sold real estate worth 267 million euros. It also booked a gain from the revaluation of the company's stake in Chinese partner BAIC Motor Corporation.
Revenue increased 3 percent to 39.78 billion euros ($48.2 billion) and the Mercedes division's profit rose 3 percent.