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VW says 2002 pretax profit 3.986 bln eur

FRANKFURT, Feb 19 (Reuters) - Europe's largest carmaker Volkswagen AG said on Wednesday its pre-tax profit slipped 9.6 percent in 2002 to 3.986 billion euros ($4.26 billion), meeting the company's target of around four billion.

VW posted group revenues of 86.948 billion euros, compared with 88.540 billion the previous year. It said it would propose an ordinary unchanged dividend of 1.3 euros per share.

The group, which is suffering from an ageing product range as it battles weak demand and unfavourable exchange rates, had been expected to post a pre-tax figure of 3.963 billion euros, according to the average estimate in a Reuters poll.

Volkswagen said in October it still aimed to post pre-tax earnings of around four billion euros for 2002, although it cautioned that a further deterioration in stock markets could have an effect on its financial result.