Demand in North American, emerging markets boosts VW earnings
In this June 1, 2011 file picture, workers walk at the assembly line for the premium car Phaeton in the so called transparent factory of German carmaker Volkswagen in Dresden, eastern Germany. (AP Photo/Jens Meyer,File)
Published Thursday, July 26, 2012 6:50AM EDT
Last Updated Thursday, July 26, 2012 6:51AM EDT
FRANKFURT, Germany -- German automaker Volkswagen says second-quarter earnings jumped 18 per cent from a year ago, helped by stronger demand for cars in emerging markets and North America.
Net profit for the April-June period increased to C5.64 billion ($6.84 billion) from C4.78 billion a year ago.
Revenues increased 19 per cent to C48.1 billion.
The Wolfsburg-based manufacturer said that worldwide demand for cars increased in the second quarter in the US, China, Russia and India, and would increase again in the second half of the year -- but at a slower pace.
It said the car market would shrink in western Europe, where economies are slowing due to spending cutbacks and consumer worries due to a crisis over too much government debt.