MUNICH (dpa-AFX) - German commercial vehicles maker Maschinenfabrik Augsburg-Nürnberg or MAN SE (MAGOF.PK) reported Tuesday that its second-quarter loss attributable to shareholders was 40 million euros, compared to last year's profit of 61 million euros.
Operating loss was 19 million euros, compared to profit of 154 million euros a year ago. Operating profit before special items was 151 million euros in the latest quarter.
Sales revenue increased 2% to 3.63 billion euros from 3.56 billion euros a year ago. Order intake, meanwhile, dropped 7% to 3.71 billion euros.
Looking ahead, the company expects a slight year-on-year decline in the sales revenue. Operating profit will be significantly impacted primarily by restructuring expenses. The operating return on sales will more than halve year-on-year.
MAN further said it has launched a Group-wide efficiency program. The program includes reorganizing truck production and streamlining administrative functions at MAN Truck & Bus. These measures will initially entail financial expenses, the largest part of which was recorded as provisions in the past quarter.
Copyright RTT News/dpa-AFX