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VW's MAN SE posts higher profit on cost cuts, European truck demand
July 29, 2016 / 6:31 AM / a year ago

VW's MAN SE posts higher profit on cost cuts, European truck demand

BERLIN (Reuters) - Germany’s MAN SE (MANG.DE) on Friday said first-half profit jumped to 236 million euros ($261.5 million) from 15 million a year earlier on cost cuts at its main truck division and a strong European commercial vehicles market.

The front hood of a VW Passat is seen in front of a MAN truck at a truck service centre in Dortmund July 4, 2011. REUTERS/Ina Fassbender

Truck operations at Volkswagen-owned MAN, which also makes diesel engines and turbines, swung back to profit in the January-to-June period, posting a gain of 152 million euros after a 74 million euro loss, the Munich-based company said.

MAN last year initiated a restructuring program to reshuffle production at European truck plants and cut 1,800 jobs as part of Volkswagen’s (VOWG_p.DE) efforts to revive profit from truck operations and align MAN more closely with Swedish unit Scania.

Reporting by Andreas Cremer; Editing by Maria Sheahan

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