Porsche Automobil Holding SE : Volkswagen 2011 After-tax Profit More Than Doubles To EUR16 Billion -Report
02/24/2012| 03:26am US/Eastern
Car manufacturer Volkswagen AG (VOW.XE) more than doubled after-tax profit in 2011 to EUR16 billion, according to a report in the daily Hannoversche Allgemeine Zeitung Friday, citing persons close to the company.
A Volkswagen spokesman declined to comment on the report to Dow Jones Newswires.
According to a survey of 13 analysts polled by Dow Jones, the car maker is expected to post after-tax profit of EUR15.64 billion in 2011.
Given profit growth, a higher dividend payout is expected for 2011, the article adds. A dividend payment of EUR3.00 per share is expected versus a payment of EUR2.20 per common share and EUR2.26 per preferred share for 2010.
After-tax profit was boosted by both strong sales growth as well as a book gain resulting from the revaluation of share options after a plan to merge with Porsche was abandoned for now, the article says.
Volkswagen is expected to release some key headline earnings on Feb. 27.
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500.