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Skoda Auto posts 25.5% in 2013 profit decline

Volkswagen’s Czech unit, Skoda Auto has reported a 25.5% drop in after-tax profits to €455m ($633.6m) in 2013, Reuters has reported. Sales declined nearly 2% to 920,800 cars last year, but the carmaker has said it is on target to sell more than 1 million cars for the first time in 2014, a step toward its goal of reaching annual sales of 1.5 million by 2018. Skoda is the Czech Republic’s biggest exporter and bellwether for the economy, which is gaining traction after exiting a record long recession last year.