First quarter operating profit at Volkswagen Group’s premium car unit Audi fell 29% to EUR363m as revenue fell 19% to EUR6.70bn.
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Audi nonetheless expects a significant 2009 profit even though first-quarter results declined sharply, it told Reuters.
Operating margin slipped to 5.4% from 6.2% a year earlier.
“The first quarter developed in line with our expectations and forms a solid basis for us to reach our target of posting a significant profit in 2009,” Audi finance chief Axel Strotbek said in a statement.
Earnings, vehicle sales and revenue would decline in 2009, but the company maintained its aim of growing market share, the report added.
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