QUARTERLY RESULTS
Profit rise puts VW recovery on track
VW said its operating profit rose 28% to €4.4bn in the three-month period, raising the return on sales to 7.8%
German car maker Volkswagen (VW) confirmed on Wednesday its forecasts for 2017 after boosting revenue and profits in the first quarter, even as its emissions cheating scandal continued to make headlines. The group reported net profit of €3.4bn in the period from January to March, up 44% compared with the first three months of 2016. Revenues at the group, whose stable of 12 brands ranges from luxury Audi to generalist VW and lower-end Skoda, grew 10% to €56.2 bn. Both results outperformed forecasts from analysts surveyed by data company Factset. "Our quarterly figures were positively [affected] by the strong performance of the group brands, the launch of new, compelling products and solid earnings in western Europe," CE Matthias Mueller said. VW said its operating profit rose 28% to €4.4bn in the three-month period, raising the return on sales to 7.8%. Looking ahead to the full year, the group said it aimed to keep that figure "between 6% and 7%" while increasing revenue by up to 4% ...
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