Volkswagen earnings more than doubled

Europe's largest carmaker Volkswagen on Friday said its net profit last year had more than doubled from that of 2010, with worldwide deliveries exceeding 8 million and revenues expanding by more than a quarter. Preliminary figures showed that Volkswagen's net profit soared to 15.41 billion euros (20.6 billion dollars) in 2011, up from 6.84 billion euros a year earlier. Previous forecasts by analysts had put the 2011 figure at around 13 billion euros. The Wolfsburg-based company, with the brands of Volkswagen, Audi, SEAT and Skoda, sold nearly 8.3 million vehicles last year, 14.7 percent higher than the previous year. It was the first time for the company to see the figure top the eight-million mark in its 75 years of history. Volkswagen's global deliveries has surpassed its Japanese rival Toyota, but is still behind the world's largest carmaker General Motors (GM). Volkswagen has set an aim of overtaking GM to become the world's No. 1 by 2018. The German carmaker's annual revenues jumped 26 percent to 159.3 billion euros in 2011, while its operating profit rose 58 per cent to 11.27 billion euros last year, from 7.1 billion euros in 2010. Thanks to the robust growth, Volkswagen increased its dividend for 2011 to three euros per ordinary share from 2.20 euros in the year earlier, and 3.06 euros per preference share from 2.26 euros in 2010. Its full earnings report is due to be published on an annual news conference on March 12.