Affected by financial crisis Germany public 09 years 80% profit drop
According to (Xinhua)--electron mass Germany Automobile Group financial report published recently show that the crisis-affected , Audi luxury car sales decline and consumers to purchase small cheap car, 2009 company profits plummet by 80% over the previous year.
VW announced last year net profit of 9.6 billion euros (about 13 million), while the 2008 profit up 47.5 million euros. The amount of the profits is also below most market analysts ' expectations.
But from the automobile sales, 2009 VW subsidiary sales total of nine brands or slight growth 1.1%, again creating a record level. This is mainly due to public and Skoda brand sales increase, low-grade, exceeding the sales of luxury brands such as Audi.
From the brand structure, Volkswagen brand sales growth 7.8% growth in sales of Skoda brand; while the Audi 1.4% decline in sales volume, which is the 5.4% over the past 14 years for the first time. Audi, profit margins are much higher than the low brand, eventually leading to a sharp drop in corporate profits. In addition, the brand for Western Spain sales also fell 8.6%.
[Edit: barrychen]