VW says savings plan made 1 bln euro profit -paper

Newswire

FRANKFURT, Feb 28 (Reuters) - Volkswagen garnered about 1 billion euros ($1.2 billion) in profit last year from its 3.1-billion-euro cost savings plan, the Financial Times newspaper reported on its Web site on Tuesday. The newspaper reported that Bernd Pischetsrieder, VW's chief executive, told the newspaper and a small group of journalists that two-thirds of the savings had been lost through currency effects or passed back to customers via sales rebates, meaning only a third of the ...

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