VW repeats sees sharp fall in Q1 profit

Newswire

HAMBURG, April 24 (Reuters) - Europe's biggest carmaker Volkswagen AG repeated on Thursday its first quarter profit would be significantly down on last year, hit by unfavourable exchange rates, new model costs and equity writedowns. "The negative effects on the result for the first quarter of 2003 are particularly high compared with the previous year," VW Chief Executive Bernd Pischetsrieder said in a speech at the company's annual shareholders' meeting. He said he expected a substantial ...

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