BARCELONA (Reuters) - Sales and profits at Volkswagen AG's Spanish unit SEAT both fell last year, SEAT said on Thursday, falling short of the company's goals to keep both figures steady.
Net profit fell to 134 million euros ($170.8 million) from 203 million euros in 2002, while sales fell to 5.52 billion euros from 5.62 billion, SEAT said.
SEAT's statement gave no explanation for the drop, but carmakers faced tough conditions in many European markets last year because of the economic slowdown.
Operating profit fell to zero from 51.4 million euros a year earlier while financial profit -- mainly dividends from companies associated with SEAT -- produced profits of 144.2 million euros, up from 93.2 million euros in 2002.
Sales of SEAT models fell 2.4 percent to 473,131 units.