Daimler net profit up on higher sales

BERLIN — Germany’s Daimler, maker of Mercedes-Benz luxury vehicles, said Thursday its net profit rose in the third quarter, helped by higher auto and truck sales as well as efficiency gains.

Net profit jumped 53 percent year-on-year to 1.84 billion euros ($2.54 billion) in the three-month period to September as income tax payments fell.

Operating profit rose 16 percent to 2.23 billion euros, slightly better than a forecast of 2.07 billion euros from analysts polled by Dow Jones Newswires.

“This shows that the high investments we have made were money well spent,” said chief executive officer Dieter Zetsche.

The Stuttgart-based company gave a forecast for the full year, predicting earnings before interest and tax at about 7.5 billion euros, below the previous year’s 8.1 billion euros.

Previously the company had only said profit would decline as it invests in new models.

source: interaksyon.com

Customs audits PGA Cars for possible undervaluation of imported luxury vehicles

The Bureau of Customs (BOC) is conducting a post-entry audit on the units imported by luxury vehicles distributor PGA Cars Inc in the last six years, Customs Commissioner Rozzano Rufino B. Biazon on Wednesday said, citing possible undervaluation.

“We observed some declarations na you feel na subject to question. [Customs] mismo ang may nakitang basis for the audit,” Biazon told reporters.

One basis was a discrepancy between the declared value of the cars and the prices published on the Internet, he said. "Aside from the invoice value, there are other costs and capital to arrive at the dutiable value."

Customs notified PGA Cars, which imports Porsche and Audi cars, of the audit last month. The car company must submit its financial documents to Customs, or face suspension or removal of its import license.

Once PGA Cars has completed the submission of pertinent documents, Customs will have 120 days to complete the audit.

Biazon said this was not the first time a car dealer has been subjected to a post-entry audit. Customs is also monitoring and auditing vehicle importers from the so-called gray market, he said.

source: interaksyon.com