Volkswagen earnings soar on strong China demandFebruary 24, 2012 - 19:29 AMT PanARMENIAN.Net - Europe's biggest carmaker Volkswagen said Friday, February 23 its earnings surged in 2011 following strong demand in China, the world's largest car market, M&C reported citing DPA. The German-based group said its net profit jumped to 15.41 billion euros (20.6 billion dollars) from 6.84 billion euros in the year earlier, as a result helping the company to take another step in its plan to topple General Motors as the world's largest auto manufacturer. Sales hit a record 8.3 million vehicles with group revenue rising 26 per cent to 159.34 billion euros, said VW, the world's second biggest carmaker. The jump in earnings last year also came after VW booked gains on its holding in the luxury sports car maker Porsche. VW said operating profit rose 58 per cent to 11.27 billion euros last year. The company is to release more details of its performance last year including its fourth-quarter results at a press conference set for March 12. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |