Largest Czech automaker Skoda Auto said on October 30 that it saw operating profit grow 28.2% y/y to €1.21bn in the first three quarters of this year. Sales revenue was up 22.0% y/y to €12.34bn, with global deliveries to customers up by 3.6% y/y.
The company added that its share of the car revenue of German parent company Volkswagen expanded to 8.5% in the period from 7.4% for the first nine months of last year, while its ratio of VW’s operating profit to sales rose from 9.29% to 9.77%. That made it second only to Porsche in the VW group, with Audi third at 8.9%.
The growing profitability and success of Skoda has become a concern to the German labour unions, who feel the subsidiary is eating into potential VW sales. They want some of Skoda’s cars to be made in Germany and management has confirmed it is considering such a prospect.
"The significant increases in sales and profit in the first three quarters of the year demonstrate that we have devised an effective strategy," Skoda Auto CEO Bernhard Maier said in a press release.
"The full potential of our SUV campaign is now unfolding. The Kodiaq has been very well received by our customers. Now, we are launching the little brother – the Skoda Karoq," he added.
The unions and management at Skoda Auto, the largest Czech automaker, seem on course for a big pay rise disagreement that may be part of an outbreak of such confrontations throughout industry in the ... more
A group of Slovak and Czech oligarchs are reportedly interested in buying regional media and entertainment company Central European Media Enterprises, the Slovak Spectator reported on November 8. ... more
The finance ministers of the European Union member states have called for the creation of a blacklist of tax havens to crack down on tax dodging, the ministers said at a meeting in Brussels on ... more