Volkswagen generated an operating profit and increased its liquidity in the first quarter of fiscal year 2009. The Group’s operating profit amounted to €312 million (€1,311 million). The sale of the Brazilian commercial vehicles business contributed around €600 million to this.
Automotive net liquidity rose to €10.7 billion (€8.0 billion) compared with the end of 2008. “The Volkswagen Group, too, is not immune to the dramatic deterioration in the global business environment,†explained the Chairman of the Board of Management, Prof. Dr. Martin Winterkorn, on Wednesday. The Group’s unit sales has declined by approximately 16 percent in the first three months, production has been cut by around a quarter and inventories reduced significantly.
