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Daimler Financial Services posted a loss of €167 million (£150
million) in Q1 2009, and saw new business reduce by 12 percent in
the same period.

The Berlin-based company, which provides financing for Daimler
Group’s brands in over 40 countries, reported an EBIT loss of €167
million, compared to a profit of €168 million (£151 million) last
year, primarily due to charges resulting from increases in risk
provisions.

Daimler FS said it anticipates rising credit defaults and higher
refinancing expenses in full-year 2009.

The company saw new business decrease by 12 percent to €5.9
billion (£5.3 billion) from €6.7 billion (£6 billion) in the same
period last year.

The parent company posted a worse-than-expected net loss of €1.3
billion (£1.2 billion) compared with a profit of €1.3 billion (£1.2
billion) a year ago, reflecting a decrease in sales of its
Mercedes-Benz cars and vans and its Daimler trucks.

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By GlobalData