Skoda Posts Q3 Profit

Czech carmaker Skoda posted today its financial results for the third quarter of 2009, with numbers showing a 6.5 percent increase in vehicles sold than in the same period of 2008 (174,984 versus 164,258). From the beginning of the year, Skoda reported a 5 percent decrease in sales.

“Just like the entire automotive industry, our results are substantially affected by the global economic recession. We have adopted a number of measures to remain financially strong and steady. To combat the current problems in the automotive market, we have launched some new, attractive products," Reinhard Jung, Skoda chairman of the board said in a release.

With these results, Skoda will contribute to the overall profit of the Volkswagen Group with some 162.4 million euros. The increase in the third quarter was made possible by the introduction of the Yeti, Skoda believes.

“The Škoda Yeti has been launched successfully, and we have extended the portfolio of our environmentally-friendly GreenLine vehicles. Furthermore, we presented the estate version of our flagship product, the Škoda Superb, at the recent Frankfurt Motor Show and the feedback we are getting is very positive." Jung added.

"For the first time this year, Škoda Auto has seen its sales figures grow in the third quarter. We expect this positive trend to continue also over the last three months of 2009. This year has been very difficult for the entire automotive industry. Yet we have been able to achieve very good results despite adverse macroeconomic conditions.”