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Volkswagen Q1 profit up 43.9%

Staff Writer |
Volkswagen Group reported that its profit after tax for the first quarter was 3.40 billion euros, up 43.9 percent from 2.37 billion euros in the prior year.

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Profit before tax for the quarter was 4.62 billion euros, up 44.3 percent from 3.20 billion euros in the year-ago period.

Quarterly operating profit after special items rose to 4.37 billion euros from 3.44 billion euros in the previous year and significantly exceeded expectations.

Total sales revenue grew 10.3 percent to 56.2 billion euros from 50.96 billion euros in the same period last year.

"Our quarterly figures were positively impacted by the strong performance of the Group brands, the launch of new, compelling products and solid earnings in Western Europe," said Matthias Müller, CEO of Volkswagen AG.

Looking ahead to fiscal 2017, Volkswagen Group affirmed its outlook after a strong first quarter. The Group therefore expects full-year sales revenue to grow by up to 4.0 percent year-on-year.

In terms of the Group's operating profit, the company maintained its outlook for operating return on sales of between 6.0 percent and 7.0 percent.

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