Czech Republic car maker Skoda, controlled by Volkswagen, said on Monday its first-half net profit dropped 33.3% to 0.977 billion koruna CZK1.464 billion a year earlier, Dow Jones reported.
The company reportedly attributed the profit decline to stagnating sales in Western Europe due to the continuing economic slowdown.
Dow Jones said Skoda Auto’s sales declined 1.2% to CZK76.082 billion from January to the end of June, from CZK77.037 billion in the same period of 2002.
The company sold 226,300 units in the first half, down 0.9% from 228,400 a year earlier, Dow Jones said, adding that market share in Western Europe was 1.6%, unchanged from a year earlier.
Western Europe, led by Germany, continues to account for slightly over half of Skoda Auto’s total sales, Dow Jones said.