STUTTGART, GERMANY: Daimler on Tuesday cut its dividend to €0.90 euros (RM4.06) a share after its 2019 earnings more than halved, weighed down by restructuring and legal charges in what amounts to the third profit warning for new CEO Ola Kaellenius.
Daimler said its net profit fell to €2.7 bil, down from €7.6 bil in the year earlier, despite record deliveries of Mercedes cars that saw the brand retain its title as the world’s top-selling premium automaker.
The Stuttgart-based carmaker said it would seek to cut administrative and personnel costs by more than €1.4 bil by the end of 2022 to help offset expenses from legal proceedings related to diesel pollution and investments into new technologies.
The German carmaker cut its dividend proposal to €0.90 a share, down from €3.25 a share in 2018.
Net profit fell to €2.7 bil, down from €7.6 bil in the year-earlier period and earnings before interest and taxes dropped to €4.3 bil, from €11.1 bil in 2018. – Feb 11, 2020, Reuters
