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VW expects second-quarter results to beat first-quarter: CFO
April 29, 2013 / 3:21 PM / 4 years ago

VW expects second-quarter results to beat first-quarter: CFO

Hans Dieter Poetsch, CFO of German carmaker Volkswagen, adjusts his glasses during a news conference in Wolfsburg, July 5, 2012. REUTERS/Fabian Bimmer

BERLIN (Reuters) - Germany’s Volkswagen (VOWG_p.DE) expects its second-quarter earnings to beat the results of the first three months, finance chief Hans Dieter Poetsch said.

Costs related to an engineering overhaul were “still on the high side” but VW had a good chance to match last year’s record operating profit of 11.5 billion euros if the economic development does not deteriorate further, the CFO said on Monday on a conference call.

A number of things needed to be improved at VW’s truck maker MAN SE (MANG.DE) which slipped into a first-quarter loss, Poetsch said, adding no drastic changes were planned at the Munich-based company.

The CFO said launching new models instead of just focusing on cost reductions were the “appropriate” strategy to tackle effects of slumping auto demand.

In the first quarter 2013, VW’s operating profit fell by a quarter to 2.34 billion euros ($3.05 billion). ($1 = 0.7676 euros)

Reporting by Andreas Cremer

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