Volkswagen AG says it is targeting an increase in deliveries and revenues in 2012 as it reported a big drop in profits in the fourth quarter of last year.

According to AP, Volkswagen said Monday, March 12, that it earned euro2.16 billion ($2.8 billion) in the October-December period, compared with the hefty euro3.2 billion reported in the final quarter of 2010.

It said revenues rose by a quarter to euro43.06 billion from euro34.33 billion. Volkswagen's operating profit slipped to euro2.29 billion from euro2.32 billion.

The company said it expects its full-year deliveries to customers and its revenues to increase in 2012. It said its goal for operating profit is to match last year's level of euro11.27 billion.