FRANKFURT: German carmaker Mercedes-Benz said on Thursday that its profits fell in the third quarter due to a drop in vehicle deliveries amid shortages of some parts. Net profits came in seven percent lower, at 3.7 billion euros ($3.9 billion), in the July to September period, the company said in a statement. It was slightly better than a prediction by analysts surveyed by financial data firm FactSet, who had forecast a figure of 3.4 billion euros. Revenue fell 1.4 percent to 37.2 billion euros, partly because passenger car sales were around five percent lower in the quarter due to a shortage of some parts. There was some good news, with higher prices for cars and a rise in sales of premium vans.

Source: Manila Times October 26, 2023 16:17 UTC