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Volkswagen Brands Post Improved Sales
Volkswagen brand swung to an operating profit in the first quarter and earnings from its premium Audi brand rose 16 percent as the company broke out unit results for the first time, Volkswagen AG said last Wednesday. The increase served as a milestone for the automaker and etched the imprint of the new Chief Executive Martin Winterkorn's hand as a catalyst in transforming the companys fate.
The Plymouth cold air intake could be blowing a positive breeze to Europes largest automaker. "The good market acceptance of our attractive models and the sustained benefits of our cost and process optimization programs are reflected in the figures for the individual brands," said Volkswagen Chief Financial Officer Dieter Poetsch. "All group brands improved their operating profit."
The German automaker reported 386 million euros or $525.2 million as its operating profit in the first quarter of the year compared with a loss of 49 million euros in 2006. The increase is pointed to the rise in the demand for new models. Also, old favorites increased progressively across Europe, South America and in Asia. The CrossGolf, CrossTouran, the Polo and other units.
The Audi AG reported an increase in the operating profit by 16 percent to 401 million euros or $545.6 million from 345 million euros. The increase was pulled in part by demand for the new A5 series and the launch of the new TT Roadster.
Skoda, the Czech-based unit of VW, saw its operating profit rise up by 20 percent to 172 million euros or $234.01 million from the 143 million euros in 2006 as the Fabia model draw new purchasers into showrooms and let them push their buying button.
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