Truck maker MAN AG said net profit paced 2 percent higher in 2008 despite the global financial crisis, but warned that tough times would result in a drop in the sale of trucks and buses. It did not rule out job cuts.

The Munich-based company said it earned euro1.25 billion ($1.6 billion) in 2008, a slight gain from the euro1.22 billion it earned the year before. Sales were up 6 percent to euro14.9 billion for the year compared with euro14 billion a year earlier.

It did not immediately provide fourth-quarter results.

The company said it delivered more than 100,000 vehicles to its buyers last year but noted that demand fell sharply in the second half of the year, a scenario reflected in its order intake, which dropped 21 percent to euro14 billion for the year.

Looking ahead, MAN said the economic crisis would significantly impact the commercial vehicle market, particularly in Europe, one of its key markets where it competes with rivals like Daimler AG and Swedish truck maker Scania AB.

It warned that the uncertainties would result in job cuts, saying in its report that "in 2009, the number of employees in the MAN Group will decline as a result of the economic situation." The company did not elaborate.

It employs 51,300 workers worldwide, including 2,200 temporary workers.