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VW unveils record net profit
Fri, 25 Feb 2011 17:08:27 GMT
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European automobile giant Volkswagen has posted a record net profit in 2010, sending its shares soaring with forecasts of even better results this year.

Europe's biggest carmaker on Friday issued a statement putting the company's net profit for 2010 at USD 9.9 billion (7.2 billion euros), airing off a major leap compared with the 2009 figure of USD 1.25 billion (911 million euros), AFP reported.

The boost in the net earnings was achieved thanks to VW investments and the value of options related to its 49.9 percent share in Porsche -- the luxury sports carmaker plans to make its 10th brand.

The German-based automaker's operating profit flew to USD 9.7 billion (7.1 billion euros), that is more than three times the USD 2.6 billion (1.9 billion euros) for 2009, as sales grew up 21 percent to USD 174.6 billion (126.9 billion euros).

The VW statement also unveiled an all-time record delivery of more than seven million vehicles across the globe, posting a gain of 13.7 percent to 7.2 million units.

"Fiscal year 2010 was the best year in the history of the Volkswagen Group," VW chairman Martin Winterkorn said in the statement.

In pursuit of its goal to overtake Toyota as the world's biggest automaker by 2018, the company owes the strong results to investments in emerging markets like China and Brazil.

Meanwhile, the company predicted new highs in sales, deliveries and operating profit this year but did not provide detailed figures.

The increase in profits together with a capital boost of more than four billion euros (USD 5.5 billion) last year has further stabilized VW's financial position and given it more flexibility as it seeks to integrate Porsche, the statement said.

Volkswagen's shares jumped 5.07 percent to 118.15 euros in Friday afternoon trading following a major fall on Thursday amid doubts over its planned merger with Porsche.

MRS/HGH/MMN
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