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Operating profit falls by 29% at Audi AG

GERMAN luxury car maker Audi AG said yesterday that its first-quarter operating profit fell by 29 percent as the global economic crisis ate into sales.

Audi said its operating, or pre-tax, profit was down to 363 million euros (US$479 million) in the January-March period compared to 514 million euros from a year earlier.

Audi, a subsidiary of Volkswagen AG, Europe's largest car maker, did not immediately report net profit.

Sales for the quarter were down 19 percent to 6.7 billion euros from the previous year's 8.3 billion euros.

Audi said it expected the rest of 2009 to remain difficult due to the downturn.


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