German industrial group MAN SE (MANG.DE) warned it was unlikely to generate growth in sales or earnings this year as a deterioration in revenue from ship engines would wipe out improvements at its truck business.
MAN slashed its dividend after swinging to a wider than expected 2009 net loss on Monday, hit by a halving of truck sales and 656 million euros ($893.1 million) in charges including a writedown on its stake in Swedish peer Scania (SCVb.ST) and hefty fines to settle a bribery probe.
The global economic crisis plunged the global truck industry into its worst crisis in years, severely punishing MAN and its rivals like Volvo (VOLVb.ST). [ID:nLDE614063] [ID:nLDE6120K0]
"2010 will not be a year of recovery in the classical sense but a stabilisation can be expected," new CEO Georg Pachta-Reyhofen said.