Daimler's profits for Q3 slides
FRANKFURT • Profits at the world's biggest luxury carmaker Daimler slipped in the third quarter, sapped by a recall and measures to reduce harmful emissions from diesel cars.
Between July and last month, net profit attributable to shareholders at the Mercedes-Benz maker fell 16 per cent, compared with the same period last year, to €2.2 billion (S$3.5 billion). The fall in profits came even as the Stuttgart-based firm sold 9 per cent more vehicles, at 824,100 units, and increased revenue 6 per cent to €40.8 billion.
Ericsson shares up after quarterly loss
STOCKHOLM • Mobile network gear maker Ericsson said yesterday it had detected signs of improvement after posting a steeper than expected quarterly loss, helping send its languishing shares up as much as 5 per cent. The Swedish company posted its fourth consecutive money-losing quarter, with an operating loss of 4.8 billion Swedish krona (S$800 million) that was 37 per cent worse than what analysts expected.
Volvo earnings up with truck demand
STOCKHOLM • Sweden's AB Volvo reported a bigger-than-expected rise in quarterly core earnings yesterday as stronger demand for heavy trucks more than offset costs stemming from strains on its supply chain, sending its shares to a record high.