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Non-Tech : Auric Goldfinger's Short List -- Ignore unavailable to you. Want to Upgrade?

To: StockDung who wrote (11233)	3/11/2003 7:41:08 AM
From: RockyBalboa	Read Replies (3) \| Respond to of 19428

Volkswagen warns on 2003 operating profit By Bettina Wassener in Frankfurt Published: March 11 2003 10:20 \| Last Updated: March 11 2003 10:20 Shares in Volkswagen fell more than 10 per cent on Tuesday after Europe's largest carmaker warned it would not be able to match its 2002 operating profit of €4.76bn ($5.26bn) this year unless the US and European car markets rebounded. Speaking at VW's annual press conference in Dresden, Bernd Pischetsrieder, VW chairman, said unfavourable exchange rates would probably also hamper profits this year. He said the result for the first quarter of 2003 would be significantly below the previous year's level, though cost cutting and new models would reverse the picture next year. His comments contrast with a statement in VW's annual report, which said VW could not give a profit forecast for 2003 because it was unable to predict the effects of global political uncertainty on its business . VW last month reported a 9.6 per cent drop in 2002 pre-tax earnings to just under €4bn. The company delivered 4.89m units in 2002, 1.9 per cent fewer than in 2001. The group is struggling amid declining domestic sales, the rapid ageing of its bread-and-butter models and growing competition from French carmakers . Analysts believe an upcoming model changeover will not allow VW to sell more than the 5m cars it targets this year, a threshold considered critical. VW shares were 10.3 per cent lower at €29.22 in mid-morning trade in Frankfurt. ...