Large German companies that left Russia after the start of a large-scale war of the Russian Federation against Ukraine showed significant profits in the second quarter of 2022. Deutsche Welle reports..

Among such companies are automakers Mercedes-Benz and Daimler Truck, Volkswagen and BMW, fashion clothing manufacturer Hugo Boss, the famous sportswear brand Puma..

Thus, the world leader in the truck and bus market, Daimler Truck, showed strong growth in revenue and especially profit.. When leaving Russia, the company lost assets left in Naberezhnye Chelny, worth 220 million euros. However, as of August 2022, the group's global revenue increased by 18% compared to the same period last year to 12.1 billion euros, while net profit increased even by 56% and amounted to - in three months - 946 million euros.. At the end of 2022, the company expects total revenue in the range of 48 to 50 billion euros.

These results were driven by higher truck prices, a modest 4% sales growth, a strong service business and favorable currency effects (low EUR/USD) as Daimler Truck has a strong presence in the US and Asian markets..

Another automaker, Mercedes-Benz, posted such a strong second quarter 2022 results that it raised its guidance for the full year.. Revenue is forecast to be substantially higher than last year. The group's latest report shows that global sales fell in the 2nd quarter by about 7% to 487,100 passenger cars.. But the group's revenue increased by 7% to 36.4 billion euros. Increased and profit. For the quarter it amounted to almost 3.2 billion euros.

Mercedes-Benz notes that they were forced to cut production in the face of the ongoing acute shortage of semiconductors (this is a problem for the entire global automotive industry). But the company built the existing microchips first of all into the most expensive models.. And they've done well since, the company points out, order books, especially for luxury cars, are full in Europe, North America and China..

The shortage of semiconductors, as well as problems due to lockdowns in China, hit other automakers - Volkswagen and BMW. However, Volkswagen's revenue increased by 3.3% compared to the 2nd quarter of last year to 69.5 billion euros, although the plant in Kaluga and the assembly plant in Nizhny Novgorod were idle in Russia.. At BMW, despite the cessation of assembly in Kaliningrad, the turnover grew even by 21.6% to 34.8 billion euros.

But now Volkswagen is optimistic about the outlook for the current 3rd quarter and the entire second half of the year, as the order book is well filled, sales in China began to grow in June, and supply chains of components are clearly recovering..

BMW management is more restrained in its forecasts and expects sales volumes to be "

Fashion maker Hugo Boss posts best 2nd quarter in company history. In early March, the company closed more than two dozen branded stores in the Russian Federation and stopped online sales.. But shortly thereafter achieved a significant acceleration in revenue and profit growth, especially in Europe and the Americas.. As a result, revenue increased by 40% to 878 million euros, while operating income (EBIT) more than doubled to 100 million euros..

This allowed the company to more than offset write-offs of EUR 15 million in connection with a chain of stores in Russia.

The record was also set by sportswear manufacturer Puma. The last 2nd quarter was generally the best three-month period in the history of the company.. Quarterly revenue, up a quarter, for the first time exceeded 2 billion euros, net income jumped more than 73% to 84.3 million euros. Things were especially successful in America and Europe, while in China financial indicators worsened due to lockdowns..