Skoda Sees Net Profit Soar by More Than 40 Percent in 2006 to Reach Record $663 Million
February 22, 2007 - 08:31 a.m.
PRAGUE, Czech Republic (AP) - Czech car maker Skoda Auto said Tuesday its net profit rose by more than 40 percent in 2006 to reach a record 14.2 billion koruna (euro504 million; US$663 million).
Skoda's sales rose 8.7 percent year-on-year to 203.7 billion koruna (euro7.2 billion; US$9.5 billion), boosted by sales in strategically important markets, including Western Europe, the company said in a statement.
Skoda's 2005 profit before taxes was 10.1 billion koruna (euro359 million; US$472 million).
"2006 was the most successful year in the (company's) history ... and we are pleased about the trend in the pretax profit," said Holger Kintscher, Skoda Auto board member in charge of the company's finance.
Skoda sold a record of 549,667 cars in more than 90 countries worldwide last year, compared to 492,111 the previous year, the manufacturer said.
Skoda's sales in Western Europe were up by 9 percent, reaching 301,343 cars, with Germany, Britain, Spain and Austria being the most important markets. The sales went up also in Eastern Europe by 14 percent, and 21 percent in Asia, Skoda said.
Skoda Auto, a unit of German manufacturer Volkswagen AG, is the country's largest and most profitable exporter.
Skoda said it sold 270,274 of its Octavia models, 243,982 of Fabia cars and 20,989 of Superb. It also sold 14,422 cars of its new model, Roomster.
This year "We are going to focus on reinforcing our positions in European markets and on extending our capacities in China, Russia and India," board chairman Detlef Wittig said.
He had earlier said Skoda was planning to produce 580,000 vehicles in 2007.
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