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VW Group’s Operating Profit Plunges 57%
Volkswagen AG says its pretax operating profit in the second quarter plummeted to 57% to €1.6 billion ($1.8 billion). Results were dragged down by special items, most of them costs associated with the company’s diesel emissions scandal.
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Volkswagen AG says its pretax operating profit in the second quarter plummeted to 57% to €1.6 billion ($1.8 billion). Results were dragged down by special items, most of them costs associated with the company’s diesel emissions scandal.
Profit after tax plunged 56% to €1.2 billion in the second quarter and 37% to €3.6 billion ($4 billion) through the first six months of 2016.
Group retail deliveries in April-June grew 2% to 2.61 million vehicles, and revenue advanced 2% to €57 billion ($63.2 billion). Net cash flow from automotive operations jumped 19% to €3.9 billion ($4.3 billion).
Bloomberg News estimates second-quarter profits for the company’s VW brand fell 12% to €808 million. It says the unit’s profit margin shrank to 2.9% from 3.4% a year earlier.
Group sales revenue through the first half of 2016 slipped 1% to €107.9 billion ($119.7 billion). Retail deliveries rose 2% to 5.12 million vehicles. Operating profit shrank 22% to €5.3 billion ($5.9 billion). CEO Matthias Mueller says full-year revenue could drop as much as 5% from last year’s total.
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