Volkswagen, Europe's biggest car maker, has reported a 21% increase in first-quarter operating profits to €1.31 billion on the back of record sales by most of its brands.
Provisional VW figures showed that net profit jumped 29% from a year earlier to €929m on 1.4% higher sales of €27 billion. Final figures will be released on April 30.
The owner of the Audi, Seat, Skoda and VW brands said deliveries to customers worldwide rose 7% to 1.6 million vehicles in the period.
Almost all of the group's brands achieved record sales, VW said, without providing specific figures.
It reiterated its forecast that full-year 2008 operating profit, revenues and unit sales will be higher than 2007 levels.
'We are confident of meeting our targets for 2008 even if the general conditions remain difficult,' chief executive Martin Winterkorn said. 'Sales remain strong in China, South America and central and eastern Europe,' VW said. In the first quarter of 2008, China became the German group's biggest market.
