DaimlerChrysler revises up Q3 profits

FRANKFURT, Jan 16 - Reuters reported DaimlerChrysler AG said on Wednesday it had revised up some of its third-quarter earnings after revaluing income related to the founding of plane maker Airbus SAS [ARBU.UL](quote from Yahoo! UK & Ireland: BA.L).

The world's third largest automaker by revenues said in a statement it had revised up the income it had earned from the founding of Airbus by aerospace company EADS, in which DaimlerChrysler has a 33 percent stake.

Airbus, 80 percent owned by EADS and 20 percent owned by BAE Systems, was formed last year.

An EADS spokesman said the valuations had to be changed due to the consolidation of BAE Systems UK into the group and a compensation payment to EADS by BAE Systems.

DaimlerChrysler said the income it had earned from its stake in aerospace company EADS totalled 747 million euros ($658.7 million), up from the originally reported 646 million euros.

DaimlerChrysler, struggling to implement a plan aimed at returning its U.S. Chrysler unit to profit in 2002, revised up its third-quarter net profit to 1.003 billion euros from 902 million euros.

The key adjusted operating profit figure was unchanged at 666 million euros, it said.

An EADS spokesman said the new valuation had no effect on its operating profit or cash situation.

DaimlerChrysler had to report the change as it had already included the proceeds in its third quarter results statement.