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August 19, 2017

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Volkswagen says net profit up by 60% in third quarter

FRANKFURT -- Volkswagen, Europe's biggest carmaker, said on Wednesday its profits raced ahead by 60 percent in the third quarter on strong demand for its models worldwide.

The results were in stark contrast to the state of the number two European carmaker, French group PSA Peugeot Citroen, which said it was waiving dividends in return for state support.

VW said in its interim report that net profit amounted to 11.289 billion euros (US$14.595 billion) in the period from July to September, an increase of 60.4 percent over the year-earlier figure, as sales powered ahead by 26.8 percent to 48.848 billion euros.

Underlying or operating profit, on the other hand, fell by 19 percent to 2.343 billion euros in the third quarter.

Taking the first nine months, net profit was up 50.8 percent at 20.062 billion euros and sales rose by 24 percent to 144.226 billion euros, while operating profit slipped by 1.6 percent to 8.835 billion euros.

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