FRANKFURT, April 28 (Reuters) - Germany’s MAN SE said on Tuesday its first-quarter operating profit fell 50 percent as a recovery in Europa was not enough to offset an ongoing decline in Brazil.
Operating profit at MAN, owned by Volkswagen, fell to 34 million euros ($37 million) from 68 million a year earlier, the Munich-based truck manufacturer said.
MAN, which also makes diesel engines and turbines, said last month it would expand cost reductions at its core truck division to all business areas as parent VW steps up its efforts to forge a global force in trucks.
The group said it still expects 2015 sales revenue on a level with the previous year and stable operating profit.
$1 = 0.9189 euros Reporting by Harro Ten Wolde and Andreas Cremer