Volkswagen operating profit surges in Q1

Volkswagen said on Tuesday that first-quarter operating earnings at the VW brand came to around 900 million euros, up from 73 million in the year-earlier period. FRANKFURT Volkswagen (VOWG_p.DE) reported a 28 percent jump in first-quarter operating profit, helped by a return to earnings growth at its core VW brand which has struggled to recover from the German carmaker's diesel emissions scandal. Volkswagen is due to publish detailed first-quarter financial results on May 3. "Causal factors for the Volkswagen Brand result include the success of new model introductions, particularly the Tiguan, and a strong financial performance in the West European market," Volkswagen said in a statement. DZ Bank analyst Michael Punzet, who has a "hold" recommendation on VW's stock, said he had expected the brand's operating profit to come to around 500 million euros.


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Volkswagen operating profit surges in Q1

Underlying or operating profit increased to €4.4 billion (US$4.7 billion) from January to March, the firm said in a preliminary results release, up 28 per cent over the same period last year. Meanwhile, a falling-out among historic majority Volkswagen shareholders the Porsche-Piech family over the scandal has played out in the media. Across the whole group, VW expects to achieve operating return on sales of "between 6.0 per cent and 7.0 per cent" in 2017 - or around double the 3.3 per cent figure for last year. "Improvements in the result of the Volkswagen brand," the biggest seller among the group's stable of 12 brands, were "in particular" behind the boost, VW said. FRANKFURT AM MAIN: Profits at German car giant Volkswagen surged in the first quarter of 2017, the group said on Tuesday, even as the VW emissions cheating scandal drags on in the headlines.





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