Daimler Financial Services posted second-quarter EBIT of €79
million, a 57 percent decrease compared to the second quarter of
2008.

The Berlin-headquartered company, which provides financing and
leasing solutions for the Daimler Group, said that the decline was
primarily due to higher expenses for credit risks as well as lower
interest-rate margins. 

New business volumes declined 16 percent to €6.5 billion, from
the €7.7 billion figure recorded in the second quarter of 2008.

Its contract volume amounted to €60.3 billion, close to the
level of a year earlier but 5 percent lower than at the end of
last year.

The company said it anticipates rising credit defaults and
continued high refinancing expenses in full-year 2009.

It expects full-year contract volumes be lower than in 2008.

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By GlobalData

Antonio Fabrizio