Business Irish

Sunday 19 November 2017

No dent in profits as Irish arm of troubled Volkswagen makes €3.6m

New Volkswagen vehicles are displayed at the 2015 Los Angeles Auto Show in Los Angeles. Photo: AFP/Getty Images
New Volkswagen vehicles are displayed at the 2015 Los Angeles Auto Show in Los Angeles. Photo: AFP/Getty Images

Gordon Deegan

Pre-tax profits at the Irish arm of troubled car giant Volkswagen increased by 14pc to €3.6m last year.

New accounts just filed with the Companies Office show that Volkswagen Group Ireland Ltd (VGIL) show that revenues at the group increased by 23pc, from €432.2m to €531.8m.

Numbers employed at the German firm rose from 116 to 117. The accounts were signed off by the directors before the diesel emission scandal was revealed and no reference is made to it.

Figures from the Society of the Irish Motor Industry (SIMI) show that the number of Volkswagen cars sold here last year increased from 9,503 to 11,670.

The figures show that in spite of the emissions scandal, Volkswagen remains the best-selling brand in Ireland, with a market share of 12.3pc.

The firm has eight directors and directors' remuneration increased from €957,000 to €1.063m.

At the end of last year, the firm's shareholder funds totalled €13.54m. The firm's cash pile increased from €42.26m to €47.94m.

Irish Independent

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