Did we mention that there is a remake of the economic miracle in Europe going on? Despite tanking car sales, despite daily stories about near bankrupt EU-countries, European manufacturers are in high gear. Did we mention that despite taking sales at home, Volkswagen delivered 16 percent more units to customers in the first six months of 2010? One would think that might have some bearing on VeeDub’s financials. It sure did.
In the first half of 2010, Volkswagen more than doubled its operating profit to €2.8b (€1.2b in H1 2009). But wait, this figure does not include the operating profit of €804m from the joint ventures in China. That number jumped from €294m in the same period of 2009. All in all, VW more than tripled its profit before tax to €2.6b (€0.8b H1 2009). Once taxes are paid, a tidy profit of €1.8b ($2.35b) will remain in Volkswagen’s books, a nice jump from €0.5b in the same period of 2009.
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