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By Max Bernhard
Volkswagen AG's (VOW.XE) financial-services division said Thursday that its 2019 operating profit should be significantly higher compared with last year due to cost-cutting efforts and a rise in contracts.
The increased number of contracts and first savings from the unit's cost-cutting program would result in a significant rise in operating profit, said Frank Fiedler, chief financial officer of Volkswagen Financial Services.
The cost cutting program, started in 2018, is expected to result in annual savings of 1.3 billion euros ($1.4 billion) by 2025, the unit said. It had previously expected annual savings of EUR850 million.
"We got off to such a good start [with the cost cutting program] that this year we will already have savings of around EUR200 million," Mr. Fiedler said.
Write to Max Bernhard at max.bernhard@dowjones.com; @mxbernhard
(END) Dow Jones Newswires
December 05, 2019 05:14 ET (10:14 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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