In the first quarter of 2008 Skoda Auto Group has produced 173,5 thousand cars which represents the largest volume ever. The production volume compared to previous year has been exceeded by 15,7 percent (+23,6 thousand cars). The result has been reached mainly due to positive development on the Chinese market.

At the same time the production volume has been increased (178,7 thousand vehicles / 11% growth compared to the same period in the previous year) as well as sales of the VW Group (176,2 thousand vehicles / 9,8% growth compared to the same period in the previous year).

In the first quarter of 2008 Skoda Auto Group contributed to the economic results of the VW concern with operating result of 182,4 million €. That represents 10,4 million € (+ 6,0%) growth compared to the same period of the previous year. This growth was significantly influenced by the development of the exchange rate of the Czech crown.

The local statement of finances was negatively influenced by the exchange rate of the Czech crown towards Euro as well as towards other currencies (GBP, USD, RUB). Thus the operating result reached 4,7 milliard Czk (-2,9%) compared to the 4,8 milliard from the first quarter of 2007.

“As the largest exporter of the Czech Republic, we are strongly influenced by the strong position of the Czech crown towards all currencies. Despite increasing volume of sales the income has inevitably decreased. Compared to the first quarter of the previous year, our actual operating result has been burdened with currency exchange rate effect up to 1 milliard Czk. This trend shows that the development of the Czech crown exchange rate notably influences the export opportunities of the Czech companies,” comments on the current situation member of the board for economy Holger Kintscher.

Courtesy: Skoda Auto, Czech Republic

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Posted by Jigar Gondalia on 30 April, 2008 5:36:44 PM IST #