• Germany's news in English

VW earnings resist economic slump

AFP · 30 Oct 2008, 11:35

Published: 30 Oct 2008 11:35 GMT+01:00

Facebook Twitter Google+ reddit

The biggest European car maker said its nine-month net profit had gained 28.5 percent to €3.7 billion by comparison with the equivalent figure last year, on sales which rose by 5.5 percent to €85.4 billion. Operating profit was 15 percent higher at 4.9 billion euros, the company said in a statement.

The results, which included figures from the Swedish truck maker Scania for the first time, were in line with or exceeded forecasts by analysts polled by Dow Jones Newswires.

"Volkswagen has performed well so far in a difficult environment," the statement quoted VW chairman Martin Winterkorn as saying. "For the current year, the board of managment continues to expect that deliveries, sales revenue and operating profit will exceed the previous year's figures."

With its nine-month results, VW has risen among the top three car makers in the world, along with General Motors and Toyota. It has benefited particularly from a strong presence in emerging markets like China, Brazil, and eastern Europe.

The statement quoted financial director Hans Dieter Pötsch as saying: "We are confirming our forecast for 2008, despite the dramatic deterioration in global economic conditions and the automotive industry environment in recent months."

Many auto manufacturers have announced temporary layoffs or have cut their earnings forecasts in the past few weeks, and last week, Winterkorn warned again that 2009 would be a particularly "difficult" year.

Story continues below…

VW shares which have been posting sharp gains and losses this week, rose by 7.03 percent to €553.37 in morning trading, while the Dax index of leading German stocks was up by 3.19 percent overall.

VW is in the process of being taken over by the luxury sports car maker Porsche, which already owns a direct stake of 42 percent and controls a total of 74 percent when stock options are included.

Facebook Twitter Google+ reddit

Today's headlines
Germans think they're fit, but they're really couch potatoes
Photo: DPA.

There's been an increase in the number of Germans who define themselves as "fit", but their lifestyle choices don't quite match this self-perception.

10 fascinating facts you never knew about German beer
Tennis coach Boris Becker and his wife Lilly at Oktoberfest 2016 in Munich. Photo: DPA

From malt and monks to Radlers and rivalries, the story of German beer is as rich and wonderful as its selection.

Intensive farming 'endangers a third of German species'
Photo: DPA

There are 32,000 species of animal, plant and mushroom life native to Germany. Due to intensive farming methods, one in every three of these is endangered, a new report shows.

German hospital uses therapy to 'treat' paedophiles
A poster from the campaigne "Don't offend", which offers therapy to paedophiles. The sign reads "Do you love kids more than you'd prefer? There's help." Photo: DB Scholz & Friends / DPA.

A unique German initiative is offering therapy to paedophiles to control their urges, with the aim of getting them help before they offend.

Minister: 'no tolerance' for clowns after chainsaw attack
Photo: DPA

Interior Minister Thomas de Maizière has called for a zero-tolerance approach to 'killer clowns' after a series of attacks culminating in two teenagers being chased by a clown wielding a chainsaw.

Baby who was auctioned on eBay taken away from father
Photo: DPA.

A German court ruled on Thursday that a man who put his one-month-old baby up for sale on the online auction platform eBay should only be allowed contact with the child under supervision.

Portugal's ruling party calls German minister 'pyromaniac'
Finance Minister Wolfgang Schäuble. Photo: DPA.

The head of Portugal's ruling Socialists called German Finance Minister Wolfgang Schäuble a "pyromaniac" on Thursday after he criticized Lisbon for reversing course on austerity.

These are Germany's top ten universities
The new library of Freiburg University. Photo: Jörgens.mi / Wikimedia Commons

These are the best universities in all of Germany - at least according to one ranking.

Introducing Swabians - 'the Scots of Germany'
Photo: DPA

These Southern Germans have quite a reputation in the rest of the country.

Woman sues dentist over job rejection for headscarf
Photo: DPA

A dentist in Stuttgart is being taken to court by a woman whom he rejected for a job as his assistant on the basis that she wears a Muslim headscarf.

10 German clichés that foreigners get very wrong
Sponsored Article
Last chance to vote absentee in the US elections
10 ways German completely messes up your English
Germany's 10 most weird and wonderful landmarks
10 things you never knew about socialist East Germany
How Germans fell in love with America's favourite squash
How I ditched London for Berlin and became a published author
12 clever German idioms that'll make you sound like a pro
23 fascinating facts you never knew about Berlin
9 unmissable events to check out in Germany this October
10 things you never knew about German reunification
10 things you're sure to notice after an Oktoberfest visit
Germany's 10 most Instagram-able places
15 pics that prove Germany is absolutely enchanting in autumn
10 German films you have to watch before you die
6 things about Munich that’ll stay with you forever
10 pieces of German slang you'll never learn in class
Ouch! Naked swimmer hospitalized after angler hooks his penis
Six reasons why Berlin is now known as 'the failed city'
15 tell-tale signs you’ll never quite master German
7 American habits that make Germans very, very uncomfortable
Story of a fugitive cow who outwitted police for weeks before capture
jobs available
Toytown Germany
Germany's English-speaking crowd