Volkswagen: Profit tripled

Thursday, April 21, 2005

Marketwatch is reporting that Volkswagen almost tripled its profit in the first quarter, which makes a profit of 70 million Euro ($91.6 million), up from 26 million Euro ($34 million) in the three-month period last year.
Volkswagen stays cautious about sales figures for 2005.

"We believe that price pressure will continue unabated," VW said. "The persistently unfavorable exchange rates and uncertainty about developments in the costs of raw materials, especially steel, will put further pressure on the automotive manufacturers."

Detailed quarterly results will be unveiled April 29.

Source: Marketwatch

Labels: Volkswagen