Sales and profits at Volkswagen’s Spanish unit SEAT both fell last year, missing the company’s goals to keep both figures steady.
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According to Reuters, net profit fell to €134 million ($US170.8 million) from €203 million in 2002, while sales fell to €5.52 billion from €5.62 billion.
SEAT did not explain the drop, Reuters said, noting that carmakers faced tough conditions in many European markets last year because of the economic slowdown.
Operating profit fell to zero from €51.4 million a year earlier while financial profit – mainly dividends from companies associated with SEAT – produced profits of €144.2 million, up from €93.2 million in 2002.
Sales of SEAT models fell 2.4% to 473,131 units, Reuters added.
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