Volkswagen’s operating profits up 20% in Q3
Print Edition
Volkswagen AG’s operating profits rose 20 percent in the third quarter as the company focused on holding down costs in a tough sales environment.
The profits, which are measured before taxes and interest, rose to 2.78 billion euros (US$3.8 billion) from 2.32 billion euros even as sales revenue fell 3.8 percent to 46.98 billion euros.
“We are focusing on disciplined cost and investment management” given that “the economic environment is not expected to improve in the short term,” CFO Hans Dieter Poetsch said in a statement yesterday.
The operating figures contrast with those for bottom-line net profit. Volkswagen’s net profit fell to 1.9 billion euros from 11.3 billion euros in year-ago quarter, when figures were distorted by a large accounting gain from the takeover of Porsche AG. Operating profit figures exclude such financial items and in some cases can give a clearer picture of how a company is doing.
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