INGOLSTADT, Germany, Feb 25 (Reuters) - The luxury Audi unit of Europe's largest carmaker Volkswagen said on Tuesday its net profit had risen 4.7 percent last year to a record 587 million euros ($634.1 million).
The company said in a statement pre-tax profit had slipped slightly in 2002 to 1.25 billion euros, hit by unfavourable exchange rates and higher development costs. Revenues rose 2.6 percent to 22.6 billion euros.
Audi, which generates around a quarter of parent group VW's profit, is expecting an eighth straight year of record sales in 2003, with strong growth seen in the United States in particular.