German automaker Daimler AG (DDAIF.PK) Friday posted significantly higher profits for the first quarter, with 10 per cent growth in revenue, while it continues to anticipate EBIT and revenues in 2021 to be significantly above last year’s level.

The Group attributed higher results to tailwinds in China, a strong product mix and favourable pricing, supported by industrial performance enhancements and cost control.

For the first quarter, net profit attributable to the shareholders of Daimler AG surged to 4.29 billion euros or 4.01 euro per share from last year’s 94 million euros or 0.09 euro per share.

The Group’s EBIT during the quarter was 5.75 billion euros versus 617 million euros last year.

Adjusted EBIT totaled 4.97 billion euros, compared to 719 million euros a year ago.

Revenue for the first quarter rose by 10 per cent to 41.0 billion euros from 37.2 billion euros, supported by favorable product mix and pricing.

With regards to the Daimler Truck spin-off, the Group said transaction and the listing on the Frankfurt Stock Exchange are well on track and expected to be complete before year-end 2021.

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