Despite slump, Volkswagen's net profits grow to $3.42B
Visitors take a look on a VW Tiguan of German carmaker Volkswagen in a storage and loading tower in the so called "autostadt" in Wolfsburg, Germany on Nov. 30, 2007. (AP Photo/Fabian Bimmer, file)
The Associated Press
Published Tuesday, April 29, 2014 8:32AM EDT
BERLIN -- German automaker Volkswagen is reporting a 26.8 per cent rise in net profits despite a slump in earnings for its namesake brand.
Group net profit rose to 2.47 billion euros ($3.42 billion) during the first quarter, up from 1.95 billion euros in the same period last year.
The biggest contribution came from its Audi luxury division, which saw an operating profit on a level with the previous year's first quarter 1.3 billion euros.
This was followed by an increased operating profit of 698 million euros for its Porsche unit.
The Volkswagen brand brought the group 440 million euros before interest and taxes, compared with 590 million euros in the year-ago period.
Volkswagen said Tuesday its first-quarter sales revenue was up 2.7 per cent at 47.8 euros billion.