German auto giant Daimler says net profit down 31% in Q1

German carmaker Daimler, owner of Mercedes-Benz, said Friday that its bottom-line profit slumped in the first three months of this year due to falling sales of two of its main model ranges.

Daimler said in a statement that net profit fell by 31 percent to 1.353 billion euros ($1.5 billion) in the period from January, "impacted primarily by a life cycle-related decrease in unit sales of the S- and E-Class at the Mercedes-Benz Cars division."

Underlying or operating profit was down 26 percent at 2.148 billion euros, while sales edged up two percent to 35.047 billion euros in the three-month period, Daimler said.

Unit sales rose by seven percent to 683,885 vehicles.

"Daimler is on a successful path. Our growth in unit sales clearly shows that we are following the right strategy and have the right products in the market," said chief executive Dieter Zetsche.

"The model offensive is continuing at the same speed. We will continually improve as the year progresses and will make 2016 into another successful year for Daimler," Zetsche said.