(Corrects year-earlier operating profit figure in third paragraph to 309 million euros from 475 million. The company has restated its year-earlier figures)
* Q3 oper profit slumps 49 pct to 82 mln euros
* MAN cut truck ops forecast in Sept, sales target in July
* Q3 results “certainly less than satisfactory” - CEO
BERLIN, Oct 28 (Reuters) - Germany’s MAN SE lowered its full-year profit forecast, the third downward revision of its business targets in as many months, as weakening truck demand and falling orders weigh on results.
Third-quarter operating profit slumped by half to 82 million euros ($104 million), with new orders down by a fifth to 3.47 billion euros, Munich-based MAN said on Tuesday.
The Volkswagen-owned company now expects operating profit to come in “slightly” above last year’s 309 million euros, after previously guiding for that measure to be “clearly” higher than in 2013.
Sales at MAN, which also makes diesel engines and turbines, fell 5 percent to 3.5 billion euros in the third quarter, reflecting slowing demand in core European and South American markets.
“Our results are certainly less than satisfactory,” Chief Executive Georg Pachta-Reyhofen said in a statement. “We are doing everything we can to get back on track as soon as possible.”
The manufacturer last month slashed the profit outlook for its main truck and bus division on falling demand in Europe and the impact of the Russia-Ukraine crisis.
In late July, it cut its full-year forecast for group sales after revenue at its Latin American truck division slumped 17 percent due to slowing growth in Brazil and the weaker real currency.
To foster a turnaround, MAN started to trim production this month by scaling back the hours of about 4,000 workers at two truck-making plants in Germany and Austria.
$1 = 0.7872 euro Reporting by Andreas Cremer; Editing by Maria Sheahan and David Holmes