Audi keeps profit goal despite third-quarter profit decline
 |
Reprints
Print
Respond
Audi aims to match last year's operating profit of 5.35 billion euros ($6.92 billion) in 2012 despite falling profit in the third quarter.
"After three quarters of the year, we are still well on track to reach our target for the year," Axel Strotbek, the company's finance chief, said in a statement on Monday.
Audi's operating profit fell to 1.3 billion euros in the third quarter from 1.4 billion a year earlier. The company said new product launches, including the three-door A3, Q3 and A1 Sportback, as well as the intensification of research and development activities and strategic market development programs, such as the Audi City retail concept, pushed up costs.
Global sales of Audi vehicles rose to 364,303 from 320,262 in the third quarter. Revenue was up 15.7 percent to 12.6 billion euros but operating margin fell to 10.5 percent from 13.1 percent.
Audi has said it aims to increase global deliveries to over 1.4 million cars this year from 1.3 million in 2011.
In the first three quarters, Audi delivered 1.09 million vehicles, up from 973,154 in 2011. Revenue was up 16.3 percent to 37.7 billion euros. Operating profit increased by 6 percent to 4.2 billion euros.
Reuters contributed to this report
