Despite increased competition in stagnating markets, an expected slump in commercial vehicle demand in the first quarter did not occur and truckmaker MAN boosted group revenue 3% year on year to EUR3.8bn though operating profit fell from EUR325m to EUR253m.

MAN blamed the the 22% decline on “increasing competition in the stagnating markets in the commercial vehicles business area”, adding that MAN Truck & Bus operating profit was only EUR67m versus EUR97m a year ago. Unspecified measures were promised to increase profitability and efficiency.

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The full year outlook was unchanged: commercial vehicles revenue declining by up to 5% with power engineering up 5% accompanied by “a drop in operating profit”.

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