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VW restates record sales target on strong results from China, South America
Frankfurt (AFP) Oct 26, 2007 German auto giant Volkswagen reported strong third-quarter results Friday and restated a full-year record sales target as growth in China and South America offset slumping domestic turnover. VW's figures from the same period a year earlier had been sharply reduced by 668 million euros (960 million dollars) in restructuring and other one-off items, however. For July-September 2007, operating profit before exceptional items at the biggest European carmaker jumped by 53.3 percent to 1.46 billion euros, beating analysts' forecasts. Net profit surged to 947 million euros from just 23 million in the same period a year earlier. Shares in the group rose in late trades after initially dipping into losing territory on concern over domestic sales and high energy costs. VW said it continued "to expect high energy and commodity prices in the remaining months of the year," adding: "This will impact the development of the markets." In the group's crucial domestic market, sales decreased by 6.0 percent in the third quarter. But overall third-quarter sales grew by 3.8 percent to 26.1 billion euros, the group said, while reiterating its 2007 sales outlook for a record of more than 6.0 million vehicles. VW also said it would reach its 2008 pre-tax profit target of at least 5.1 billion euros a year ahead of schedule. The group's luxury car unit Audi contributed the strongest results, but VW vehicles also sold well, as did the Skoda, Lamborghini and Bentley brands. Looking ahead, Volkswagen warned however of lower growth in Europe "with a fall in passenger car registrations in Germany and Spain." North American sales would also drop, "while the markets in China and South America will continue to record high growth rates," the company said. In the first nine months of the year, Volkswagen's operating profit jumped by 47.4 percent to 4.279 billion euros, from 2.904 billion during the same period a year earlier. VW's nine-month net profit came to 2.906 billion euros, up by 71 percent from 1.209 billion in 2006. Sales over the January-September period grew by 5.1 percent to 81.0 billion euros as the carmaker delivered 4.6 million vehicles to customers around the world. VW's commercial vehicles division recorded a nine-month operating profit of 148 million euros, up from 60 million one year earlier. VW shares in late-day trade gained 3.88 percent to 181.18 euros, while the DAX index of leading shares was 0.14 percent stronger overall. "The bare figures look a bit better than expected and VW's confirmed outlook just adds to the positive picture," a Frankfurt-based trader said. Speaking later during a telephone conference call, chief financial officer Hans Dieter Poetsch said VW would continue with cost cutting efforts and "discipline" in investment spending. Poetsch said the latest results showed VW was "well on track to achieve and sustain a new level of profitability going forward." Related Links Car Technology at SpaceMart.com
Japan showcases cars that talk sense
Chiba, Japan (AFP) Oct 26, 2007It may seem an unnerving prospect, but the cars of the future could be programmed to talk to you when you are vexed by someone else's driving, recommend you take a rest when you are sleepy or alert you to a possible collision. |
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