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VW more than doubles net profit in 2011

Published: 24 Feb 12 14:15 CET
Online: http://www.thelocal.de/money/20120224-40963.html

Volkswagen, Europe's biggest car maker, said on Friday it more than doubled net profit last year as worldwide sales topped the eight-billion mark for the first time.

VW, whose brands include Volkswagen, Audi, SEAT and Skoda, said in a statement it booked net profit of €15.799 billion ($21.2 billion) in 2011, up from €7.266 billion in 2010.

After payments to minority shareholders, the bottom-line profit stood at €15.4 billion, compared with €6.835 billion a year earlier, the auto giant said.

Operating profit raced ahead by 57.8 percent to €11.271 billion.

"The Volkswagen group again generated record profit in the fiscal year," the car manufacturer announced.

Deliveries to customers topped the eight-million mark for the first time, rising by 14.7 percent to 8.265 million vehicles and revenues rose by 25.6 percent to €159.34 billion.

In comparison with other automotive giants, that places VW ahead of Japan's Toyota in terms of unit sales last year, but still behind US giant General Motors, the world's biggest car maker.

VW hopes to overtake GM to fill the number one position by 2018.

In the wake of its strong performance, VW said it would pay an increased dividend of €3.00 per ordinary share and €3.06 per preference share for 2011, compared with the 2010 payout of €2.20 and €2.26 respectively.

Investors appeared unimpressed and VW shareholders were up by a modest 0.36 percent at €139.65 on the Frankfurt stock exchange, underperforming the overall market.

The figures are only preliminary and full 2011 earnings will be released at VW's annual news conference on March 12.

AFP/jcw

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Your comments about this article:

15:38 February 24, 2012 by derExDeutsche
must be that Wulff lease paying off.
10:51 February 26, 2012 by zeddriver
Investors appeared unimpressed and VW shareholders were up by a modest 0.36 percent at €139.65 on the Frankfurt stock exchange, underperforming the overall market.

What the heck is up with that? A company doubles it's profit. and the stock market just yawns at that companies stock.
02:37 February 27, 2012 by volvoman9
In my experience VW makes one of the finest cars for the money in the world. I'm sure there are plenty of Asian car lovers out there but Asian cars have no soul. They are great imitators but lets face it Germany sets the standard for the Auto world and VW is an example of this.
20:40 February 27, 2012 by Chango Mutney
Most car magazine writers are impressed by the quality of VW cars and this is reflected in sales. Never having driven a VW or a Skoda I have no experience of the cars but they look good and the quality of the finished product is excellent

As for a cars soul, many have spent years trying to find it within Man, but soul is in the eyes of the beholder, methinks !
04:29 February 28, 2012 by volvoman9
True that!
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