July 30, 2013 / 9:31 AM / in 5 years

Volkswagen's MAN trucks unit says could post net loss in 2013

MUNICH, July 30 (Reuters) - Volkswagen’s German truck unit MAN warned on Tuesday it may not be profitable below the line this year after reporting an after-tax loss of 383 million euros ($507.61 million) attributable to shareholders for the first half.

The company forecast it would be profitable on an operating level in 2013, however.

MAN added that it has already booked an adequate amount of provisions for risks regarding turnkey power plant projects it is building for French state-owned utility EDF and foresaw no other hits to earnings after this year.

Two days before a shareholder vote that would force controlling owner Volkswagen to launch a mandatory bid to buy out MAN’s minority shareholders, the German truckmaker said it would book new provisions of 146 million euros in the second quarter for previously unidentified risks.

Shares in MAN traded down 0.1 percent at 85.59 euros as of 0926 GMT, a premium to 80.89 euro per share Volkswagen is forced to pay until mid-September, should minorities tender their stock. ($1 = 0.7545 euros) (Reporting by Irene Preisinger writing by Christiaan Hetzner; editing by Victoria Bryan)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below