Volkswagen Q1 net profit rises to 1.6 bn euros

Volkswagen Q1 net profit rises to 1.6 bn euros
# 27 April 2011 14:39 (UTC +04:00)
Baku - APA-Economics. German auto maker Volkswagen AG today reported a four-fold growth in net profit to 1.6 billion euros ($2.34 billion) in the January-March quarter of 2011, driven by strong growth in emerging markets, Business Standard reported.

In the year-ago period, the company had a net profit of 423 million euros, Volkswagen said in a statement.

The group said its quarter earnings were lifted by sustained high demand in China, India, Central and Eastern Europe, and North and South America. In addition, lower product costs contributed to the growth.

Sales climbed by 30.8% from the year-ago period to 37.5 billion euros in the first quarter to March.

Volkswagen’s vehicle deliveries rose 14% year-on-year to 1.99 million cars and trucks in the first quarter, it said.

A smart growth in vehicle deliveries in China, Argentina and Mexico, higher 20% or more, while in India, where they more than tripled to 28,110 units.

Besides, the German auto maker said that overall, global demand for passenger cars is expected to exceed the level for 2010. In some Western European countries, rising public debt and the end of subsidy programs will have a negative impact on demand for new vehicles, it added.

"The Volkswagen Group expects the positive trend in the strategically important markets of China and India to continue," it said.

Looking ahead, the company said that 2011 earnings would exceed last year’s earnings, despite a hit from rising commodity prices.
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