Daimler Revenue increased 28%

German group DaimlerChrysler announced on Friday a 28% revenue growth in first quarter, to 25.1 billion euros, due to better development of luxury Mercedes brand in China and U.S. markets, Reuters, quoted by Mediafax.

Daimler reported a profit before taxes (EBIT) of EUR 2.1 billion, compared with a loss of one billion euros in the same period last year.

Analysts consulted by Reuters were expecting revenue of 22.6 billion euros and an EBIT profit of 1.49 billion euros.

Mercedes-Benz division recorded an EBIT margin of 9.8%, unusually high, given that DaimlerChrysler is expected to reach 10% until the second half of 2012.

"The main foundations are increasing sales, especially in China and the U.S., a range of suitable products, but also positive effects of exchange rate," the group said in a statement.

German manufacturer will report detailed financial data on 27 July. For full year 2010, Daimler expects an EBIT gain of 2.5 to 3 billion.

Source: http://www.daimler.com/

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