Germany's huge Daimler-Benz concern reported losses, calculated under the U.S. accounting system, amounting to 2 billion marks ($1.17 billion) in the nine-month January through September period, mostly due to costs associated with major job cuts in 1993 and 1994.
Daimler-Benz chairman Edzard Reuter said that present restructuring will allow the concern to improve its position in world markets even if economic conditions remain unfavorable.Under German accounting practices, the loss amounted to 181 million marks ($106 million) compared to a 1.27 billion mark ($747 million) net profit in the same period last year.
Daimler-Benz must calculate under U.S. accounting procedures because it is listed on the New York Stock Exchange. It has been listed as the only German company on the Exchange since Oct. 5.
Sales dipped 7 percent to 66.5 billion German marks ($39.1 billion).
Reuter said the automotive, aerospace and electrical engineering group had gone through the worst of the crisis.