Daimler Posts $1.6B 1Q Profit

Car maker Daimler AG reports pretax profit of $1.6 billion for this year's first quarter -- compared with $1.89 billion loss a year earlier.

BERLIN (AP) -- Car maker Daimler AG is reporting a pretax profit of euro1.2 billion ($1.6 billion) for this year's first quarter -- compared with a loss a year earlier.

The Stuttgart-based company said Monday that its first-quarter performance was bolstered by "very solid results" from its core Mercedes-Benz Cars unit. In last year's first quarter, it had a loss before earnings and taxes of euro1.4 billion.

The company did not give net profit figures in a brief preliminary report. However, it said that its group revenue for the first quarter was euro21.2 billion.

Daimler said it would release full first-quarter figures on April 27.

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