Volkswagen posts profits on all fronts
Restructuring efforts on track and will continue
London (pte027/29.07.2005/13:18) The German auto manufacturer Volkswagen http://www.vw.com reported first-half operating profits of 61.6 per cent to 1.4 billion euros, sale profits of 1.9 per cent to 46 billion euros and a rise in net profit by 5.2% to 403 million euros.
Described by a London analyst as its results being very strong, Volkswagen's operating profit and sales were better than predicted, while net profit fell slightly short of estimates.
The company will continue its restructuring efforts, is hoping to achieve its goal of 3.1 billion euros in earnings contributions from its ForMotion program in 2005, and will also reorganize its Chinese business.
However Volkswagen said that overall markets were difficult during the first-half and warned that, despite a slight improvement in exchange rates in recent months "the global situation remains unfavourable for us."
Passenger-car delivery figures are expecting to improve in the US, following model changes to its Jetta and Passat models and making the Audi A4 and A6 available in the second half.
In Western Europe, Volkswagen says that updated versions of the Passat, Golf, Polo and Fox cars will allow it to build on its recent positive sales developments.
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