FRANKFURT (Reuters) - DaimlerChrysler said on Thursday its second-quarter results got a boost from foreign exchange trading, with more than half of operating profit generated by currency effects.
A DaimlerChrysler spokeswoman said currency hedging and the impact of exchange rate fluctuations had contributed 350 million euros ($385 million) to its operating profit of 641 million in the last quarter.
"This is not gambling. It's part of the operating business," the spokeswoman said, adding that the U.S.-German firm was hedging part of its financial transactions.
She said the 350 million contribution was not only a result of hedging -- a method to offset the risk of losses from price fluctuations in the market -- but also due to changes in the exchange rate of the euro against the dollar.
Hedging is becoming increasingly popular among German industrial companies, many of which depend heavily on exports and have suffered from the recent rise of the euro.
DaimlerChrysler, whose brands include Mercedes, Jeep, Dodge and Freightliner, declined to say at which exchange rate it had hedged its exposure to market swings.
The world's fifth-biggest carmaker last month unveiled a 62 percent drop in quarterly profits as a result of losses at its U.S. Chrysler arm. But the drop was not as bad as feared, and the auto giant clung to its full-year profit guidance.