(ANSA-AFP) - FRANKFURT AM MAIN, SEP 20 - German auto
manufacturer Mercedes-Benz fell sharply on the Frankfurt Stock
Exchange on Friday after the group lowered its outlook on the
back of weak sales in its key Chinese market. Mercedes shares
had lost almost seven percent around 10:00 am local time (0800
GMT) shortly after markets opened. The Stuttgart-based group
said late Thursday it now expected its operating profit to be
"significantly below the prior year level". Previously, the
carmaker had indicated a result "slightly below" the previous
year. Mercedes likewise cut profit margin predictions for its
car business to between 7.5-8.5 percent from 10-11 percent. The
downward revision was the second time Mercedes has cut its
guidance in the space of two months, following weak earnings in
the second quarter. The new cut "was triggered by a further
deterioration of the macroeconomic environment, mainly in
China", Mercedes said. (ANSA-AFP).
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