GERMANY's daimler Truck says it is assessing the future of its China operations as a recovery in the Chinese truck market remained elusive, reports Reuters.
It has suffered a EUR180 million (US$195 million) one-off valuation adjustment charge, that will be booked in the third quarter and will not impact the operational performance of Daimler Truck, the company said.
Daimler booked a EUR120 million impairment charge in the second quarter due to a 'persistent weak market' in China.
The adjustment loss comes after Daimler's third-quarter sales fell by 11 per cent due to poor performance by its Mercedes-Benz Trucks brand and the Asian business.
In September, the truck and bus maker appointed Mercedes-Benz lorry brand head Karin Radstrom as its CEO effective October 1, a little over a month after cutting its revenue guidance and reducing working hours at its German plants due to weak demand in Europe and Asia.
SeaNews Turkey
It has suffered a EUR180 million (US$195 million) one-off valuation adjustment charge, that will be booked in the third quarter and will not impact the operational performance of Daimler Truck, the company said.
Daimler booked a EUR120 million impairment charge in the second quarter due to a 'persistent weak market' in China.
The adjustment loss comes after Daimler's third-quarter sales fell by 11 per cent due to poor performance by its Mercedes-Benz Trucks brand and the Asian business.
In September, the truck and bus maker appointed Mercedes-Benz lorry brand head Karin Radstrom as its CEO effective October 1, a little over a month after cutting its revenue guidance and reducing working hours at its German plants due to weak demand in Europe and Asia.
SeaNews Turkey
