Advertisement
Share

EARNINGS : German Car Makers Post Gains

<i> From Times Staff and Wire Service Reports</i>

Two of West Germany’s leading car makers, Daimler-Benz AG and Volkswagen AG, today reported higher profits for the first half of 1990 despite a weaker auto market.

At a time when many auto makers are seeing their earnings squeezed, Daimler and VW both managed good interim results.

Daimler, maker of Mercedes-Benz cars, said its first-half group net profit rose 1.3%, to $535 million, from $528 million in the same 1989 period. Sales for the half year rose 5.3%.

The company said it expects to reach its full-year sales target of $54 billion. But it added that the mark’s recent strong gains against the dollar and the yen are having an adverse effect on results.

Advertisement

Volkswagen said its group net profit rose 6.2%, to $273 million, in the first six months of 1990, while sales rose 4.3%, to $22.44 billion.


Advertisement