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Volkswagen Looks To Boost Deliveries, Revenue

Europe's biggest automaker by sales said it was targeting a further increase in deliveries and revenues in 2012, as it confirmed its full-year results.

BERLIN (AP) -- Volkswagen AG, Europe's biggest carmaker by sales, said it was targeting a further increase in deliveries and revenues in 2012, as it confirmed its full-year results.

Volkswagen, which overtook Japan's Toyota last year to become the world's second biggest car company by total deliveries behind General Motors, added Monday that its fourth-quarter net profits fell 32 percent against the same period last year to euro2.16 billion ($2.8 billion).

Fourth-quarter revenues rose by a quarter to euro43.06 billion from euro34.33 billion. For the whole year, Volkswagen net earnings hit euro15.41 billion, more than doubling the previous year's figures. Revenues rose 26 percent to euro159.34 billion.

The full-year figures had been widely anticipated in the markets. Last month, Volkswagen said earnings in 2011 were boosted by accounting factors related to the company's stalled takeover of Porsche.

Volkswagen sold nearly 8.3 million vehicles last year, a 14.7 percent rise from the previous year's figure of 7.2 million that put it ahead of Toyota. It was the first time Volkswagen had topped 8 million.

The company also said it expects to increase deliveries again in 2012, helped by new models across the group, which includes brands such as SEAT, Bentley, Lamborghini, and Skoda. It also said it expects higher revenue, though it gave no precise figure.

Volkswagen said its goal for operating profit is to match last year's euro11.27 billion.

It added that cost management will be important because "positive effects from the attractive model range and strong competitive position will be offset in part by increasingly stiff competition in a challenging market environment, especially in certain European countries."

Volkswagen shares were 1.54 percent lower at euro140.60 in early-afternoon Frankfurt trading.