25 Feb 2012

VW reports profits double last year

6:41 am on 25 February 2012

Profits more than doubled at Volkswagen last year after the company delivered a record number of vehicles.

VW on Friday reported a net profit of 15.8 billion euros ($US21.2 billion) for the year, compared with 7.2 billion euros in 2010.

It delivered more than 8.2 million vehicles, up almost 15% on 2010.

VW plans to spend 62 billion euros on new plants and models in the next five years, as well as on research and development. It will also hire 50,000 more staff in the next six years.

The company also announced that it would raise its dividend payment to shareholders.

The BBC reports the figures are preliminary. Full 2011 earnings will be issued on 12 March.