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| Seat returns to profit a year ahead of schedule | |
27 March 2008 |
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Spanish carmaker Seat, which is owned by Volkswagen, returned to profitability in 2007 a year ahead of its own schedule, the company announced. Seat made an operating profit of €44 million in 2007, against a loss of €92 million in 2006. After tax, the profit was €170 million, against a loss of €49 million for 2006. The income rose 1.5 per cent on sales that were up by 0.4 per cent to 431,000. France and the UK were the biggest growth markets and the Leon and Ibiza were the most popular models. Seat CEO Erich Schmitt said the financial turnaround for the company had come one year ahead of schedule and justified the emphasis on quality. He added: "Our strategy for the next 10 years aims at selling more than 800,000 cars a year, gaining a return of investment of 15 per cent, gaining leadership in design and quality in our model segments and becoming Spain's most attractive employer."
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