Daimler Financial Services achieved EBIT of
€119 million in the first quarter of 2010. This is a significant
improvement from the same period last year, when the captive arm of
German carmaker Daimler posted a loss of €167 million.
The company, which provides finance,
leasing and insurance for Daimler Group vehicles, said
that the improvement in earnings was mainly caused by lower
provisions for risks and higher interest margins.
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Daimler Fiancial Services’ worldwide contract
volume amounted to €59.9 billion at the end of March 2010, which is
a year-on-year decrease of 3 percent. New business was down 6
percent to €6.2 billion.
The captive expects to post EBIT of more than
€500 million in 2010, due to a stable development of its worldwide
contract volume and the decrease of credit-risk costs.
Antonio Fabrizio
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