Volkswagen Group boosted first half 2012 operating profit 6.7% to EUR6.5bn on sales up 22.6% to EUR95.4bn.
The 6.8% operating return on sales was down from 7.8% a year ago.
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The operating results excluded a EUR1.8bn (EUR1.2bn) share of the operating profit of the Chinese joint ventures which were included in the financial result lifted by the strong performance in China and the improvement in profit recorded by Porsche Zwischenholding GmbH.
Profit before tax rose 22.1% to to EUR10.1bn and after tax profit improved 35.9% to EUR8.8bn (EUR6.5bn).
CFO Hans Dieter Pötsch said: “Against a background of economic uncertainty, our performance so far, our improving cost structures, our flexible production and our technology leadership in many areas mean that we are well equipped to meet the challenges facing us. More than ever before, our sound financial position is paying off.”
Unit sales rose 12.4% to 4.6m vehicles (4.1m) and the group’s share of the global passenger car market increased 0.1% to to 12.4%.
The Volkswagen Passenger Cars brand sold 2.4m vehicles (2.2m) in the first half.
Despite upfront expenditures for the so-called Modular Transverse Toolkit, which underpins the Up and its group spin-offs, operating profit improved 3.8% to EUR2.2bn.
Audi operating profit was up 13.2% to EUR2.9bn.
Skoda operating profit rose 9.0% to EUR449m and struggling Seat, whose factory is now being used to make an Audi, narrowed its operating loss EUR6m to EUR42m.
After recording an operating loss of EUR17m in the first half of 2011, Bentley returned to operating profit of EUR57m.
Volkswagen Commercial Vehicles operating profit rose EUR7m to EUR242m.
Scania truck sales fell 20.5% and operating profit fell to EUR477m from EUR743m.
CEO Martin Winterkorn said: “We expect to reach our goals for the year as a whole. The group’s main competitive advantages are its broad global positioning and multibrand strategy, combined with its wide range of financial services.”
Second half plans include a redesigned Golf.
“As a result, we expect to increase deliveries to customers year-on-year”, said Winterkorn.
The goal for operating profit remains to match the 2011 level.
