Friday, Apr 19, 2024 | Last Update : 09:10 PM IST
Volkswagen record profit after diesel emission scandal
The improved result comes rom tighter cost controls, a sales mix favoring and favorable shifts in currency exchange rates.
Frankfurt: German automaker Volkswagen is reporting that first-quarter profit jumped 44 percent as the company works past its scandal over diesel cars rigged to cheat on emissions tests.
After-tax profit rose to 3.4 billion euros ($3.7 billion), up from 2.4 billion euros in the year-earlier quarter.
The Wolfsburg-based company said Wednesday the improved result came from tighter cost controls, a sales mix favoring its more-profitable models and favorable shifts in currency exchange rates. It also saw a better profit performance from its namesake Volkswagen brand.
Fines and related costs from the scandal reduced the company's cash pile somewhat but CFO Frank Witter said the group retained "a strong financial foundation" despite facing further scandal outlays this year in double-digit billions. Net cash fell by 3.9 billion euros to 23.6 billion euros.
