MAN profit flat due to EU low demand image

The german truckmaker MAN reported an almost unchanged third-quarter revenues, due to weak demand on the European markets.

Compared to 2010, profit before interest and taxation fell to €321 million, from €324 million in Q3 2010 and below the analysts expectations of €347 million. Although the Q3 production was significantly lower than in the second quarter, the company confirmed the full-year sales forecast of 10-15% increase compared to last year.

Georg Pachta-Reyhofen, chief executive, stated that “the slower macroeconomic growth has also left its mark on MAN’s business development. In the medium term, we shall have to cope with a certain level of uncertainty and with a decline in growth rates,”

According to European Automobile Manufacturers Association, the UE heavy-truck sales registered the slowest expansion rate in 12 months, with an increase of 17% in September compared to same month of the previous year.