Daimler has posted a bigger than expected loss for 2009. While the results and a dividend cancellation spooked investors, the firm remained upbeat on prospects for 2010.

Daimler posted a 2009 net loss of EUR2.64bn, which compares with an EUR1.4bn profit in 2008. It was hit last year by falling demand in global premium car and truck markets.

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While the posting of a large loss for full-year 2009 was inevitable, Daimler also posted an unexpected net loss of EUR352m in the fourth quarter, reversing the return to profitability recorded in the third quarter.

Exceptional items related to the disposal of Chrysler were mainly responsible for the fourth quarter deterioration to Daimler’s bottom line. Chrysler had a negative impact on Daimler earnings before interest and tax of EUR294m in 2009.

“Last year brought many great challenges also for Daimler,” said Daimler chairman Dieter Zetsche in a statement.

The group nonetheless “laid the foundations not only to overcome the upheaval affecting our industry, but to lead from a strong position. We are emerging from the crisis with plenty of torque,” he stressed.

The Mercedes-Benz Car division’s performance improved continuously as the year progressed, Daimler said. It posted an EBIT of EUR608m in Q4, resulting in a full-year EBIT loss of EUR500m, compared to a plus EUR2,117m in 2008.

Daimler said that worldwide growth in the upper premium automobile segments is likely to be stronger than in the market as a whole because these segments hardly profited from governments’ incentive programs last year, so no significant related effects are to be expected in 2010.

The group forecast 2010 pre-tax profit would be more than EUR2.3bn.

Daimler said that Mercedes-Benz Cars assumes it will be able to defend its market position even with the continuation of difficult economic conditions. It aims to continue the positive development of the second half of 2009 and to increase unit sales in 2010.

See also: RESULTS PREVIEW: Daimler expected to post Q4 improvement

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