Škoda car maker posts 560-percent profit increase year-on-year

The German-owned, Czech-based car producer Škoda Auto posted a 561-percent increase in profits in the first quarter of 2010 year-on-year. The car maker made just over 2 billion crowns, or more than 107 million US dollars over the first three months of this year, with revenues increasing by 32 percent to 52.5 billion crowns. The company sold nearly 180,000 cars, which was some 25 percent more than last year. The head of Škoda board of directors, Reinhard Fleger, said the firm expected higher sales for the rest of the year despite continuing uncertainty at world markets.

Author: Jan Richter