Business News
Slowdown hits net income at German engineering group MAN
Nov 2, 2011, 11:20 GMT
Frankfurt - The slowdown in growth in the world economy has hit earnings at German engineering group MAN, which posted third-quarter net income Wednesday of 171 million euros (234 million dollars).
The same figure a year ago was 180 million euros. MAN, which has Volkswagen as a dominant shareholder, makes trucks and engines.
The company based near Munich said sales in the quarter rose 7 per cent year-on-year, or 4 billion euros, but fell short of the strong showing for the previous quarter of 4.2 billion euros.
In electronic trading in Frankfurt, MAN stock rose 3 per cent to 61.90 euros.
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