Barcelona - The Spanish Volkswagen subsidiary Seat moved out of the red in 2007, making a net profit of 170 million euros (268 million dollars), the company said Thursday. In 2006, Seat was still making a loss of 49 million euros.
Operating profit rose to 44 million euros.
Cost-cutting and a slight increase in sales had allowed the company to accomplish "a financial turnaround one year ahead of schedule," as chief executive Erich Schmitt said.
In 2007, Seat increased its deliveries by 0.4 per cent mainly to France, the United Kingdom and central and eastern Europe. The company wants to almost double its sales to 800,000 cars over the coming decade.
