VW AUSTRALIA PROFIT
Earning Rate 17 Per Cent.
Volkswagen (Australia) Pty, Ltd, earned a group profit of £848,182 in the year to December 31, 1962—equal to 16.9 per cent on paid capital of £5,000,000. This is the first time the annual report has been disclosed.
Vehicle sales rose 34 per cent in 1962 and total group turnover (including spare parts) was a peak of £18,621,577, directors said in the company’s annual report. The number of Volkswagen vehicles sold during the year was 24,941—21,370 being sedans, and the others commercial vehicles.
The directors said the main factor contributing to the increased sales had been the pent-up demand following the depression period in Australia in 1961. Efforts to increase exports to New Zealand, Malaya, New Guinea, Fiji, and the British Solomon Islands had proved successful, the directors said.
Volkswagen (Australia) is a wholly owned subsidiary of the parent company in Germany.
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Bibliographic details
Press, Volume CII, Issue 30173, 3 July 1963, Page 19
Word Count
149VW AUSTRALIA PROFIT Press, Volume CII, Issue 30173, 3 July 1963, Page 19
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