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Friday, February 29, 2008

Volkswagen says 2007 profit rises €4.1 billion

German automaker Volkswagen AG said Friday that its 2007 net profit rose to €4.1 billion (US$6.2 billion) last year with sales of nearly 6.2 million cars worldwide.

The Wolfsburg-based company, Europe's biggest car maker in terms of sales, earned €4.1 billion last year compared with €2.7 billion in 2006, beating the €3.9 billion (US$5.92 billion) that analysts polled by Dow Jones Newswires had forecast.

The company did not release its fourth-quarter figures.

Sales rose to €108.9 billion (US$165.2 billion) last year, up almost 4 percent from the €104.8 billion in sales it posted in 2006. Despite the gain, the sales were just under the €109.8 billion (US$166.5 billion) that analysts had predicted.