Volkswagen Group has reported that its operating profit more than tripled at EUR4.8bn in the first nine months of 2010. However, it also warned of a weaker fourth quarter.
The company said that the EUR3.3bn rise was on a weak prior-year period.
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It also said that profit before tax increased by EUR4.4bn to EUR5.4bn and that there were positive effects from equity-accounted investments and from measurement of put/call rights relating to Porsche.
Group sales revenue was up 19.9% over last year in the first nine months to reach EUR92.5bn.
VW reported that group deliveries to customers were up 12.9% year-on-year to 5.4 million vehicles; global market share was put at 11.6%.
China, Western Europe, North and South America were highlighted as areas that ‘continue driving demand’.
However, the company warned in a statement that growth ‘will not continue as strongly in the fourth quarter’ although it expects sales revenue and operating profit to ‘continue to perform positively, despite shifts in volumes between the markets’. The statement added that exchange rate effects are expected to give the company a further boost.
Earlier this month VW Group reported that it had shipped 663,100 vehicles in September alone, up 7.9% on last year.
Sales chief Christian Klingler said he anticipated the group would also set another new record for full-year deliveries. He added: “Even though a positive trend is expected for the automotive industry, we nevertheless remain cautious.”
He reported high growth in key markets such as China and the US, up 39% to 1.48m and up 21.2% to 267,500, respectively. Asia Pacific deliveries also increased, by 39.7%.
