MAN warns Diesel & Turbo ops to hit profitability in 2013
FRANKFURT, June 4
FRANKFURT, June 4 (Reuters) - German truck maker MAN warned that its return on sales would shrink significantly this year due to additional provisions and a slump in after-sales business at its Diesel & Turbo business as well as new tax risks.
Volkswagen owned MAN had already warned in April that its earnings would be hit as it set aside 140 million euros ($182.4 million) to cover possible risks related to a large order to construct turnkey diesel power plants.
It said on Tuesday it was taking additional provisions of 146 million euros in the second quarter following a final report from an auditing firm mandated to analyse the project's risks.