Volkswagen More than Doubles Net Profit in 2011

Feb. 23, 2012
$21 billion with 8 million vehicles delivered

Volkswagen, Europe's biggest car maker, said on Feb. 24 that it more than doubled net profit last year as worldwide sales topped the eight-million mark for the first time.

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

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

Operating profit raced ahead by 57.8% to 11.271 billion euros.

"The Volkswagen group again generated record profit in the fiscal year," the car maker said.

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

In comparison with other auto makers, that places VW ahead of Toyota in terms of unit sales last year, but still behind General Motors, the world's biggest car maker. VW hopes to overtake GM to fill the number one position by 2018.

Copyright Agence France-Presse, 2012

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