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Business

Bentley, Skoda Help VW Increase Profits

Thanks in large part to the brands Skoda and Bentley, Volkswagen was able to up its profit margin by 5.2 percent in the first half of 2005 to 403 million euros ($489 million). The Wolfsburg automaker was able to increase its operating results to 1.37 billion euros and its turnover to 46 billion euro. But the company's core business, the VW brand, remained in the red. CEO Bernd Pischetsrieder told reporters during a conference call on Friday that VW was running a deficit of 33 million euros. Analysts say that number should turn around in the coming years following the appointment of Wolfgang Bernhard, who is known for his cost-cutting measures. The company plans to save 10 billion euros in the next three to four years.

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