July 29, 2016 / 6:26 AM / 2 years ago

VW's MAN SE posts higher profit on cost cuts, European truck demand

BERLIN, July 29 (Reuters) - Germany’s MAN SE on Friday said first-half profit jumped to 236 million euros ($261.5 million) from 15 million a year earlier on cost cuts at its main truck division and a strong European commercial vehicles market.

Truck operations at Volkswagen-owned MAN, which also makes diesel engines and turbines, swung back to profit in the January-to-June period, posting a gain of 152 million euros after a 74 million euro loss, the Munich-based company said.

MAN last year initiated a restructuring programme to reshuffle production at European truck plants and cut 1,800 jobs as part of Volkswagen’s efforts to revive profit from truck operations and align MAN more closely with Swedish unit Scania.

$1 = 0.9024 euros Reporting by Andreas Cremer; Editing by Maria Sheahan

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