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Volkswagen Group profit more than triples to 4.8 bln euros â€Ž

25 October 2010 09:01 (UTC +04:00)

Baku â€“ APA-Economics. Volkswagen has dreams to be the worldâ€™s top carmaker, and itâ€™s not just the figures that are on the up, their coffers are pretty stuffed too. The VW Group has just issued an ad hoc release which reveals key figures for the first nine months of 2010, and they are doing very well, ASEAN Automotive News reported.

The Group, which consists of nine brands, recorded an increase in operating profit by 3.3 billion euros compared to the January-September 2009 period to 4.8 billion euros this year. Profit before tax increased by 4.4 billion euros to 5.4 billion euros, which the company attributes to positive effects from equity-accounted investments and from measurement of put/call rights relating to Porsche GmbH at 863 million euros.

Strong demand for its cars were responsible for the profit jump. Group deliveries to customers went up 12.9% year-on-year to 5.4 million vehicles, or about 11.6% of global market share. The Group performed well in China, Western Europe, North and South America. Slower growth is expected for the final quarter of 2010, but all figures are on track to beat last yearâ€™s, while the exchange rate will continue to have a positive effect on earnings.

â€œIn the fourth quarter of 2010, the Volkswagen Groupâ€™s nine brands will again unveil key new models, thus systematically extending our position in the global markets. We therefore continue to anticipate that our deliveries to customers will be significantly higher than in 2009, due among other factors to the positive business growth in China,â€ the statement read.