FRANKFURT — Volkswagen AG adjusted its net profit figure Wednesday, saying earnings were down 72 percent in the first quarter as global demand for cars fell. But the automaker predicted that it will still achieve a full-year profit.
Wolfsburg-based Volkswagen said net profit fell to euro263 million ($347 million) in the January-March period, down from the euro929 million it earned a year earlier.
Wednesday's net profit figure was a slight improvement on the preliminary figure it reported last week. At the time, VW put first-quarter earnings at euro243 million, a 74 percent fall.
Volkswagen, Europe's biggest carmaker, confirmed that first-quarter sales were down 11 percent, sliding to euro24 billion from euro27 billion.
Volkswagen said prospects for the rest of the year are still uncertain, and that the global economic environment will remain tough.
"In such a situation, the Volkswagen group will not be able to reach the high level of earnings it achieved in previous years," the company said. But it added, without giving further details: "We expect the Volkswagen group to close 2009 with a profit."
Shares of Volkswagen were less than 1 percent lower at euro241.67 ($320.60) in late Frankfurt trading.
"VW's 2009 guidance remains unchanged and vague," UniCredit analyst Sven Kreitmair said in a research note. "The company still believes that it will gain additional market share during the crisis due to the introduction of numerous new and low fuel consumption models that will further expand its product portfolio and cover new market segments."
Volkswagen said earlier this month that the crisis had cut into demand for its cars and trucks, especially in the U.S., but sales in some emerging markets like China and Russia were higher.
In its home market, VW also saw an increase in first quarter sales, thanks to a German government bonus for people who scrap old cars and buy new ones.
Chief executive Martin Winterkorn said Wednesday that, despite the weaker earnings, the group was able to increase its market share.
"Of course we, too, are not immune to the crisis," Winterkorn said. "However, with its nine strong brands and sound financial position, our group is robust. This allowed the group to reinforce its market position in the first quarter, and that remains our goal for the year as a whole."
Volkswagen said although the global car market declined by more than 20 percent in the first quarter, the company only saw a 10.7 percent decline in deliveries. It said that gave it a global market share of 11 percent.
Volkswagen's brands include Audi, Seat, Bentley and Scania trucks.
The core Volkswagen brand saw unit sales fall 15 percent in the first quarter, which resulted in an operating loss of euro279 million. Seat also saw a 43 percent decline in unit sales and an operating loss of euro145 million. The super-luxury Bentley brand reported an operating loss of euro52 million.
Audi's unit sales fell 17 percent, and its operating profit declined to euro363 million from euro514 million a year earlier.
Skoda's unit sales were down nearly 40 percent, and its operating profit dropped to euro28 million from euro182 million.