Volkswagen′s Earnings Tank in Third Quarter | Business| Economy and finance news from a German perspective | DW | 29.10.2003
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Volkswagen's Earnings Tank in Third Quarter

Volkswagen AG, Europe's largest carmaker, said on Wednesday third-quarter profit fell 51 percent as a stronger euro reduced U.S. earnings, customers waited for a new Golf model and the company took a charge on cut jobs in Brazil, according to Bloomberg News. Net income fell to €217 million ($254 million), or 55 cents a share, from €439 million, or €1.14 per share, in the same period last year. The company took a charge of €120 million in the third quarter to pay for the reorganization of operations in Brazil. Volkswagen is struggling with overcapacity and falling sales in the country and is cutting 4,000 jobs, or 16 percent of its workforce there. VW hopes to revive its fortunes with it’s new fifth-generation Golf, which recently went on sale.