MAN reports improvement at truck unit
Aug 14, 2003 12:00 PM
Although its net income for the second quarter declined 16% to $43 million, or 26 cents per share, German truck maker MAN AG said it expected 2003 pretax profit to rise as business improves at the commercial-vehicles unit. MAN had announced about 8,000 job cuts since 2001 in response to a drop in demand for its trucks and other businesses. Its truck business reported a quarterly pretax profit of more than $42 million after breaking even in the year-earlier quarter. The unit was the only one of MAN's six main businesses to report an increase in profit for the period. The company would not comment on speculation that MAN is interested in purchasing a stake in Swedish truck maker Scania AB.
