DaimlerChrysler has reported an operating profit for the first quarter of 2002 of $US0.9 billion – excluding one-time effects.

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This is, nonetheless, an improvement of $1.4 billion compared with the loss DC made in the first quarter of 2001.

Q1 2002 operating profit including one-time effects of $2.7 billion due to the sale of the group’s remaining stake in T-Systems ITS (formerly debis Systemhaus) which resulted in a one-off boost to the accounts of $2.2 billion.

As previously announced in February 2001, there were additional one-time charges at Chrysler Group in conjunction with the implementation of the division#;s turnaround plan, totalling $0.3 billion.

In addition, DC#;s services division reported a one-time impairment charge of $0.1 billion as a result of legislation passed in Argentina to deal with the economic crisis there.

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DC#;s Q1 net income, adjusted to exclude one-time effects, was $0.4 billion compared with a net loss of $0.3 billion in Q1, 2001.

Earnings per share improved to $0.44 from Q1 2001#;s $0.32 loss per share.

Including one-time effects, group net income was $2.3 billion (Q1 2001: $2.1 billion net loss) and earnings per share were $2.31 (net loss of $2.05 in Q1 2001).

DaimlerChrysler sold 1.1 million vehicles worldwide in the first quarter of the year and, adjusted for changes in the consolidated group, revenues increased by seven percent to $32.2 billion in the first quarter.

At the end of the first quarter, DaimlerChrysler employed a workforce of 372,084 employees compared with 410,451 a year ago (which then included 19,100,Adtranz and 6,000 TEMIC staff).

Workforce reductions were mostly due to the implementation of turnaround plans, particularly at Chrysler and Freightliner.

On January 1, DaimlerChrysler sold its remaining 49.9 percent interest in T-Systems ITS to Deutsche Telekom and. also in January, the services division sold a part of its non-automotive capital services portfolio, as previously announced.

Last April 1, the group sold its remaining 40 percent stake in TEMIC to Continental.

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