UPDATE 1-VW's SEAT posts drop in 2003 profit, sales

Newswire

(Adds details) BARCELONA, Feb 19 (Reuters) - Sales and profits at Volkswagen AG's Spanish unit SEAT both fell last year, SEAT said on Thursday, falling short of the company's goals to keep both figures steady. Net profit fell to 134 million euros ($170.8 million) from 203 million euros in 2002, while sales fell to 5.52 billion euros from 5.62 billion, SEAT said. SEAT's statement gave no explanation for the drop, but carmakers faced tough conditions in many European markets last year ...

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