A reorganization at truck maker MAN is starting to pay off, boosting earnings at the Volkswagen subsidiary this year, its chief executive Joachim Drees told Handelsblatt in an interview.
“We have significantly improved results in the first quarter,” Mr. Drees said. “We also expect a considerable improvement in results for the entire year. The goal is a medium-term profit margin on sales of 5 to 6 percent by 2017.”
Last year, MAN’s truck and bus division reported a loss of €100 million, or $111 million, but its power plant, gearbox and ship diesel engine operations generated earnings to help create a profit of €92 million at the whole MAN group.