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Corporate Reports

Daimler profits rise on new models and cost cuts

German premium carmaker Daimler has reported a 12-percent rise in second-quarter profit thanks to strong demand for its latest Mercedes cars. An efficiency program was also 'bearing fruit,' its CEO says.

Daimler's earnings before interest and taxes (Ebit) for the second quarter rose to 2.46 billion euros ($3.3 billion) from 2.19 billion euros in the same quarter a year ago, fresh figures released Wednesday showed.

Revenue at the Daimler Group - which includes premium carmaker Mercedes-Benz, the Smart city car and a truck division - had surged 6 percent between April and June to 31.5 billion euros, the carmaker reported.

"Supported by our product offensive and the successful continuation of our efficiency program, we look to the future with optimism," Chief Executive Dieter Zetsche said in a statement.

German carmakers profit from boom in China

The group's flagship Mercedes-Benz brand alone contributed 1.41 billion euros to the result, as its Ebit rose 35 percent year-on-year. The company's latest S-class model was in especially high demand.

Moreover, the company's cost-cutting program, which aims to achieve savings of 4 billion euros this year, was bearing fruit, CEO Zetsche said.

Daimler's earnings in the first half of 2014 were also higher than in the same period last year, coming in at 4.54 billion euros. As a result, the carmaker is on track to achieve its full-year goal of reaching higher revenue and profit than last year.

uhe/nz (dpa, Reuters, AP)

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