Monday, November 2, 2009
Audi Group continues to defy crisis in 3rd quarter: operating profit of EUR 348 million
INGOLSTADT, Germany, Oct 30, 2009 - Audi has shrugged off the effects of the global economic crisis and again posted a clear operating profit of EUR 348 million in the third quarter of the current fiscal year (2008: EUR 760 million). Over the first three quarters of the current fiscal year, Audi has thus achieved an operating return of 5.4 percent (2008: 8.0 percent), making it one of the top performers in the industry.
Despite the continuing global economic crisis, Audi succeeded in yet again reporting a clear operating profit for the third quarter of the year. The Audi Group generated revenues of EUR 7.2 billion between July and September (2008: EUR 8.4 billion), down 14.9 percent on the record figure of the previous year. The operating profit for the period amounted to EUR 348 million, a fall of 54.2 percent on the record figure of the previous year (2008: EUR 760 million).
“The figure was diminished not just by the general economic situation but also by expenditure necessitated by product launches such as the A8 and A1, as well as by the three-week summer production break in August”, remarked Axel Strotbek, Board Member for Finance and Organization at AUDI AG. He declared that the company was nevertheless very satisfied with the result, which further strengthened its liquidity position.
“This demonstrates how prudently Audi is steering a course through the crisis”, continued Strotbek. He was also bullish about the fourth quarter: “We expect our profitability to be even better than in the third quarter.”