Daimler reveals strong profits

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29 April 2011 Last updated at 03:01 ET

Luxury carmaker Daimler has unveiled a first-quarter net profit of 1.18bn euros ($1.75bn; £1.05bn) compared with 612m euros at the same time a year ago.

Strong sales of its Mercedes-Benz luxury cars and SUVs in China helped boost earnings.

The truck division benefited from recovering economies in Europe and North America with operating profit up 415m euros from 130m a year earlier.

Daimler predicted increasing earnings this year from its Mercedes-Benz sales.

“We achieved excellent earnings in the first quarter,” chairman Dieter Zetsche said in a statement. “This puts us well ahead of our planning and confirms our positive outlook for 2011.”

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Daimler reveals strong profits