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Automaker’s profit off sharply

Wednesday, Feb. 4, 2004 | 10:54 a.m.

FRANKFURT, Germany -- Automaker DaimlerChrysler today reported its profit for 2003 fell sharply as the turnaround at its troubled U.S. Chrysler division and a one-time financial adjustment weighed on the bottom line.

The U.S.-German company said it earned 448 million euros ($564 million) in 2003, down from 4.7 billion euros in 2002.

Sales for the year fell to 136.4 billion euros ($171.9 billion) from 147.4 billion euros in 2002, a decline the company attributed to the weaker U.S. dollar. Otherwise, revenue would have increased 3 percent, the company said.

The company has struggled with depressed earnings at Chrysler, which faces tough price competition from General Motors Corp. and Ford Motor Co. in the North American auto market. The use of incentives such as cheap financing and rebates have propped up sales but eaten into profit margins.

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