UPDATE 1-Germany's MAN SE cuts 2015 profit expectations after Q2 loss

martes 28 de julio de 2015 03:09 GYT
 

* MAN has 170 mln euros of restructuring costs in Q2

* Q2 19 mln euro operating loss vs 154 mln profit year-ago

* MAN lowers group, truck division FY guidance (Adds peer comparison, CEO comment and detail)

MUNICH, July 28 (Reuters) - German truck maker MAN SE cut its profit and sales expectations for this year after posting a second-quarter loss due to restructuring costs and plunging demand in Brazil.

The Volkswagen-owned manufacturer last month announced plans to cut 1,800 jobs at its main trucks division in Europe as part of the parent company's efforts to slim down the unit and revive profit.

MAN is more exposed than rivals Daimler and Volvo to problems in Brazil, where it has been market leader for trucks of more than 5 metric tons for over a decade, because it lacks a presence in the growing North American market.

The Munich-based group said on Tuesday it incurred a 19 million-euro ($21 million) quarterly loss as costs of 170 million euros to reorganize truck production hit results.

"It is no easy task to initiate fundamental and cost-intensive measures to safeguard future growth in economically difficult times," Chief Executive Georg Pachta-Reyhofen said.

MAN, which has long suffered from languishing profitability and high fixed costs in truck operations, is aiming for savings of more than 600 million euros by 2017. The company also makes diesel engines and turbines.   Continuación...