MAN SE announced earnings results for the six months ended June 30, 2012. For the period, the company's revenue decreased by 3% year on year to EUR 7.7 billion. The Commercial Vehicles business area generated revenue of EUR 5.8 billion compared to EUR 6.1 billion previous year. Operating profit was EUR 471 million compared with EUR 762 million in the previous year. The decrease is primarily attributable to the Commercial Vehicles business area, which saw its operating profit fall to EUR 211 million compared to EUR 475 million previous year. Earnings before tax was EUR 70 million compared to EUR 1,154 million previous year. This includes the earnings effect from the impairment loss recognized on the investment in Sinotruk Ltd., Hong Kong/China in the amount of EUR 190 million. The comparative prior-year period includes the nonrecurring earnings effect from the remeasurement of the investment in Scania (EUR 495 million). Net income was EUR 40 million, compared with EUR 854 million in the previous year. Earnings per share from continuing operations were EUR 0.24 as against EUR 5.78 in the prior-year period. For the year 2012, the company in the commercial vehicles business area, MAN continues to expect a slight decrease in revenue of up to 5% in 2012, while the European commercial vehicles market is expected to contract by 5% to 10%. These market weaknesses are set to be further cushioned with higher revenues in Russia and other regions outside of Europe among other things. Profitability will, however, be weighed down by changes to the country and product mix, high pressure on margins, and increased costs. The introduction of the Euro V emission standard, worsening economic conditions, and tougher financing conditions will dampen MAN Latin America's revenue and earnings. Nevertheless, the region will continue to make a positive contribution to profitability. Overall, MAN is expecting the Commercial Vehicles business area to generate a return on sales of around 4% in the current year.