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 lifecycle-related decrease in unit sales of the S- and E-Class at the Mercedes-Benz Cars division."