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August 13, 2009updated 12 Apr 2017 4:33pm

Daimler FS posts lower earnings in Q2 2009

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.

By Antonio Fabrizio

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.

Antonio Fabrizio

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