July 29, 2019 / 7:00 AM / 4 months ago

Truck maker Traton warns H1 order intake slowed as profit rose

FRANKFURT, July 29 (Reuters) - German truck maker Traton warned that its order intake had fallen in the first half, even as its operating profit rose 25% on the back of a rise in sales at Scania and a recovery in key markets like Brazil.

Traton said its first half earnings before interest and taxes (EBIT) rose to 1.07 billion euros ($1.19 bln), up from 863 million euros in the year-earlier period and the company’s operating return on sales had improved to 7.9% from 6.8%.

The truck and bus maker said vehicle sales rose 10% in the first half, but said order intake had fallen 6% compared with the year-earlier period.

“We are keeping a very watchful eye on developments in the market in order to adjust our production with flexibility,” Traton Chief Executive Andreas Renschler said in a statement.

The company made its stock market debut in June after parent Volkswagen floated an 11.5% stake in the unit to give the truck maker greater independence to pursue growth.

$1 = 0.8989 euros Reporting by Edward Taylor Editing by Michelle Martin

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