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Volkswagen earnings plunge 80 percent

Volkswagen said its 2009 profit plunged 79.8 percent to EUR960 million (USD1308 m), on sales that fell by 7.6 percent to EUR105.2 billion (USD143.3 b) despite benefiting from it’s strong presence in China.

Analysts had expected net profit of EUR986 m (USD1342 m), and the news sent VW shares plunging in late trading on the Frankfurt stock exchange.

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