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Business

Volkswagen Profit Drastically Falls in Fourth Quarter

Volkswagen AG's profit fell 60 percent in the fourth quarter as the euro rose against the dollar and the company wrote down the value of assets, according to Bloomberg News. Germany's largest carmaker cut its dividend by 19 percent, the first reduction in 11 years as net income fell to €305 million ($393 million), or 76 cents a share from €755 million, or €1.94 a share in the year-earlier period. Sales rose 6 percent to €23 billion from €21.7 billion. Volkswagen's earnings suffered as the euro's 20 percent gain against the dollar last year pushed the automobile maker to a loss in the United States. Bloomberg said the Wolfsburg-based company also wrote down the value of development costs by €711 million in the fourth quarter.