First Posted: 10/30/2013
(AP) German automaker Volkswagen AG says its operating profits rose 20 percent in the third quarter as the company focused on holding down costs in a tough sales environment.
The company’s profits before taxes and interest rose to 2.78 billion euros ($3.8 billion) from 2.32 billion euros even as sales revenue fell 3.8 percent to 46.98 billion euros.
CFO Hans Dieter Poetsch said in a statement that “We are focusing on disciplined cost and investment management” given that “the economic environment is not expected to improve in the short term.”
The company’s net profit fell to 1.9 billion euros from 11.3 billion euros in year-ago quarter, when figures were distorted by a large accounting gain from the takeover of Porsche AG.