Volkswagen AG, Europe's biggest car maker, said Tuesday that its 2006 net profit more than doubled on strong sales but its operating profit was halved by costly restructuring efforts that have seen thousands of jobs eliminated.
The company earned €2.75 billion (US$3.61 billion) in 2006, compared with €1.12 billion in 2005. Sales rose 11 percent to €104.9 billion (US$137.75 billion) from €94 billion a year earlier.
Helping results was the March 2006 sale of Europcar, the continent's largest car rental company, to French investment firm Eurazeo SA in a €3.32 billion deal.
The company did not break out quarterly figures for the final three months of 2006. It was expected to release them March 9 in a more detailed earnings report.
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