Thought some on the list might find the following report interesting... Does anyone know if VWoA makes profit/loss financial report announcements?
Charlie ---------------------------------------------------------------------------- ---------------- VW '99 net profit down 26 pct at 1.65bln dmk February 22, 2000 1:45 PM EST FRANKFURT, Feb 22 (Reuters) - Europe's biggest car maker Volkswagen AG said on Tuesday its 1999 net profit fell 26.4 percent to 1.651 billion marks ($847.1 million) but forecast that its earnings would pick up again this year. The German group, which makes VW, Audi, Seat, Skoda and Bentley cars, said its 1999 pre-tax profit dropped 21.5 percent to 4.933 billion marks despite its sales rising to 147.013 billion marks from 134.243 billion marks. The slump in the Wolfsburg-based car maker's earnings in 1999 was bigger than forecast by analysts. Analysts polled by Reuters had predicted that VW's net profit would drop only slightly below 1998's 2.243 billion marks. VW said its net profit would have remained around 1998's level if it had not suffered the impact of German tax reform. The group's tax reform burden in 1999 was 2.040 billion marks, the company said. VW, which announced in January it had lifted its worldwide deliveries in 1999 by six percent to a record 4.86 million cars and vans, said it expected its sales, unit sales and earnings to grow in 2000. ``Our planning is based on a positive overall development of the economic environment. On this basis we expect further unit sales and sales growth and growth in profit for the year 2000,'' VW said in a brief statement. It added that it would propose an unchanged dividend of 0.77 euros per ordinary share and 0.83 euros per preference share to its shareholders. ($1-1.949 Mark) © Reuters Ltd. All rights reserved. _____________ List Sponsor: http://www.netsville.com To remove yourself from this list, send mail to [email protected] with 'unsubscribe a2_16v' in the body of your message See us on the web at http://www.a2-16v.com Visit the 16V Homepage at http://www.gti16v.org
