Reuters reports that Volkswagen has released preliminary financial figures for 2002, which show that 2002 net profit, tumbled 11.4% to 2.584 billion euros. Reuters adds that the figure was slightly shy of analysts’ expectations.
Reuters says revenue fell 1.8% to 86.948 billion euros, in line with a 1.9% decline in deliveries to customers and a 1.7% fall in production.
VW published the results without comment but said that it will give more details at its March 11 press conference.
Industry analysts told just-auto that the sales environment worsened for Volkswagen in its major markets last year and that unfavourable exchange rate movements had hit the company, especially euro appreciation against the dollar.
VW’s pretax profit fell 9.6% to 3.99 billion euros, roughly hitting VW’s target of around four billion euros. Operating profit was off 12% in 2002.
As expected, the 2002 dividend payment was left unchanged.