Volkswagen Financial Services (VWFS), captive finance partner to the Volkswagen Group, has reported a 20% rise in operating profit year-on-year for the first half of 2012.
Following a buoyant 2011, operating profit stood at 665m (£519m) for January to June 2012, up by 111m, which VWFS credited to business volume and currency-related factors.
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Despite falling sales in Europe, worldwide sales revenue for the Group was up 22.6% year-on-year to 95.4bn, with operating profit also up by 6.7% to 6.5bn. Pre-tax profit rose by 22.1% to 10.1bn, post-tax by 35.9% to 8.8bn.
Together, the five major retail brands, plus three commercial brands, posted 12.4% year-on-year growth in sales to 4.6 million units, including a rise in the total share of the passenger car market from 12.3% to 12.4%.
Some of the biggest increases by volume were seen by Volkswagen Passenger Cars, which sold 2.4m units worldwide, an increase of 9.1% on the first half of 2011, although remaining steady at 95,805 new units in the UK; and by koda, selling 480,000 units worldwide, up 12.6%, and 28,076 new units in the UK, up 15.85%.
Further figures and analysis of Volkswagen Group results will be published in the August issue of Motor Finance magazine.
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