Daimler on Feb. 11 reported a 64% decline in annual net profit to 2.7 billion euros as higher costs weighed on its bottom line. Revenue rose by 3% to 172.7 billion euros.
The German carmaker’s earnings before interest and tax slumped by 61% to 4.3 billion euros, reflecting higher one-off legal and restructuring costs. Stripping out these expenses, Daimler reported an underlying EBIT of 10.3 billion euros, down from 11.1 billion euros in 2018.Ola Kaellenius, chairman of the Board of Management, said the group aimed to cut annual costs by 1.4 billion euros by 2022.
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