Lower-Than-Expected Net Loss for Fourth-Quarter of Daimler
Daimler AG, the German car and truck maker, recorded a lower-than-predicted loss, thereby losing Euro 352 million in the fourth quarter consequently decreasing the share value around 8% to Euro 30.53 in Frankfurt morning trading. The fourth quarter loss for 2008 was Euro 1.53 billion resulting from the Daimler's merging partner Chrysler LLC's due charges as announced on Thursday by the former.
Reduced from the Euro 23.2 billion revenue in fourth quarter in 2008, the revenue for the October-December period was Euro 21.3 billion. According to the company, the total full year loss was Euro 2.6 billion against the net profit of Euro 1.4 billion in 2008. As compared to Euro 98 billion in 2008, the revenue lost 20% at Euro 79 billion.
The current loss is far much higher than a loss of Euro 1.7 billion as per the analyst's predictions. Payment of dividends has been denied by the management board of the company.
Daimler's report stated, "The world economy is still in a period of transition at the beginning of 2010. There is very little hard evidence that a self-sustaining, lasting upswing has actually started. However, the ongoing solid growth of emerging markets such as China and India is exerting a positive influence".
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