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March 22, 2011updated 08 Apr 2021 8:08am

GERMANY: MAN back in the black

Truck maker MAN reported a net profit of EUR722m ($1bn) in 2010, a healthy turnaround from the EUR258m loss in 2009, and is predicting continuing growth for the coming year.

Truck maker MAN reported a net profit of EUR722m ($1bn) in 2010, a healthy turnaround from the EUR258m loss in 2009, and is predicting continuing growth for the coming year.

“MAN regained its strength in 2010. Profit in the operating business doubled,” said CEO Georg Pachta-Reyhofen. Group chief financial officer Frank Lutz added: “Following a good few months, we expect revenue growth of between 7 and 10% for 2011.”

Operating profit in 2010 rose to EUR1.035bn.

Meanwhile, MAN has said that it is willing to offer considerable concessions to Abu Dhabi’s sovereign wealth fund IPIC in an attempt to sell its 30% stake in troubled German engineering group Ferrostaal.

At the start of 2010, MAN exercised a contractually agreed put option to sell its stake to IPIC which owns 70% of Ferrostaal, but IPIC refused because of the ongoing investigations into bribery at Ferrostaal.

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