Volkswagen deals have clearly been working their magic this year as the firm makes a very impressive start to 2012.
Sales revenue for the German car manufacturer increased by a total of 26.3 per cent to €47.3 billion (£38.6 billion) in the first quarter while operating profit rose 10.2 per cent to €3.2 billion (£2.6 billion). Operating returns on sales in particular increased by 6.8 per cent.
Despite this good news, the year-on-year margins are lower. This is largely due to negative implications associated with the purchase price allocation for MAN and Porsche Holding Salzburg.
"In light of the ongoing difficult environment, we can be satisfied with the [Volkswagen] Group’s good performance", said Hans Dieter Pötsch, chief financial officer at Volkswagen.
"Our financial strength and soundness is and will remain the basis for our continued healthy growth."
Although the economic state of Europe continues to be unstable, Volkswagen believes it will continue to perform well and remain the largest vehicle manufacturer on the continent. The firm will release 40 new models this year.
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Posted by Fred Mason