Volkswagen 2019 Net Profit Increased; Expects Tough Times Ahead
February 28 2020 - 11:07AM
Dow Jones News
By Jessica Sier
Volkswagen AG said Friday that its 2019 net profit increased,
but still expects challenges in the automotive industry in the
coming year.
The German car maker said net profit for the year rose 13% to
13.35 billion euros ($14.6 billion) from EUR11.83 billion a year
earlier.
Sales revenue increased by 7.1% to EUR252.63 billion from
EUR235.85 billion the year prior, it said.
Operating profit for the year was EUR16.96 billion, a lift of
22%.
Looking to the year ahead, the company said it expects revenue
in 2020 to lift 4% year-on-year, and its operating return on sales
for the year at between 6.5% and 7.5%.
"Challenges will arise particularly from the economic situation,
the intensifying competition, volatile commodity and foreign
exchange markets, and more stringent emissions-related
requirements," the company said in a statement.
Volkswagen also recorded a 1.3% increase in deliveries to
customers at 10.97 million and expects 2020 to be in line with the
previous year.
The company proposed a dividend of EUR6.50 per ordinary share,
up from EUR4.80 a year earlier, and EUR6.56 per preferred share, up
from EUR4.86 the previous year.
Write to Jessica Sier at jessica.sier@wsj.com
(END) Dow Jones Newswires
February 28, 2020 10:52 ET (15:52 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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