MAN’s Profit Plunges 95%

Substantial production cuts did not stop Germany-based truck maker MAN SE’s second-quarter profit from plummeting 95%, Bloomberg reported.

Net income declined to 22 million euros ($31 million), from 442 million euros ($621 million) a year earlier as transportation and construction companies cut purchases, Bloomberg said. Sales dropped 20% to 3.1 billion euros at the company, formerly known as MAN AG.

Europe’s third-largest truck maker cut truck production for 70 days in the first half of the year and has shortened workweeks for the rest of the year.

Chief Executive Officer Hakan Samuelsson said at a news conference that he is “ruling out” a loss for the second half of 2009.