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Volkswagen earnings rise in stronger European economy
After-tax first half profit rose to 6.6 billion euros
27 July, 10:25
(ANSA) - FRANKFURT - Volkswagen's profits rose in the first
half of the year as the German carmaker benefited from increased
sales in a growing European economy and it moved past one-time
costs for its diesel emissions scandal in the U.S.
After-tax profit rose to 6.6 billion euros ($7.7 billion) from 3.6 billion euros in the same period in 2016, when the company had more than 2 billion euros in charges related to its diesel troubles.
Chief Financial Officer Frank Witter said Thursday that the results were boosted by increased sales "above all in Europe, and also in North and South America, which is particularly encouraging." Witter said that the strong earnings would position the company for the investments it would need to make in the new technologies and business models expected to alter the industry in the next few years. "We are financially well equipped for the transformation of the auto industry and for future trends," he said in a statement.
(ANSA).
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After-tax profit rose to 6.6 billion euros ($7.7 billion) from 3.6 billion euros in the same period in 2016, when the company had more than 2 billion euros in charges related to its diesel troubles.
Chief Financial Officer Frank Witter said Thursday that the results were boosted by increased sales "above all in Europe, and also in North and South America, which is particularly encouraging." Witter said that the strong earnings would position the company for the investments it would need to make in the new technologies and business models expected to alter the industry in the next few years. "We are financially well equipped for the transformation of the auto industry and for future trends," he said in a statement.
(ANSA).
