|Volkswagen earnings slump
German auto giant Volkswagen said one-off effects in connection with its takeover of Porsche hit profits in the third quarter, but it held to full-year targets.
VW said in its interim report that it booked a net profit of 1.856 billion euros in the period from July to September, down from 11.265 billion euros.
But the year-earlier figure had been inflated by a one-off pre-tax gain of more than 12 billion euros from the integration of Porsche, the car maker explained.
Underlying or operating profit was up by 19.9 percent to 2.777 billion euros in the three-month period on a 3.6-percent increase in units sales to 2.387 million cars worldwide, while revenues fell by 3.8 percent to 46.985 billion euros.
Nevertheless, the car maker said it was sticking to its full-year forecast.
“It remains unchanged: The goals we have set ourselves for the current fiscal year are very ambitious given the extremely difficult economic environment,'' said chief executive Martin Winterkorn.
“But, as before, we are standing by these goals. I am convinced that 2013 will be a solid year for the Volkswagen Group thanks to our outstanding model range and broad global presence,'' Winterkorn insisted.—AFP