Volkswagen’s second quarter operating profit slid 56% to EUR928m (US$1.3bn) but its cash pile grew by just over half from the end of 2008 to EUR12.3bn, chief financial officer Hans Dieter Poetsch said, adding: “Retaining our ability to act financially has the highest priority.”
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Analysts had predicted an operating profit of EUR628m.
Net profit for the first half of the year plunged 81% to EUR494m from EUR2.57bn a year ago, below analyst forecasts of about EUR524m.
Operating profit for the first half was down 63.9% to EUR1.24bn.
Observers noted that VW’s stockpile of cash means it can easily buy Porsche.
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By GlobalDataA Reuters calculation today showed that VW group global first half sales were down just 5% to 3.265m units, suggesting the automaker was closing the gap with second-ranked GM.
