Volkswagen Says Net Profit Falls 57% In Second Quarter
Muhammad Rameez Published July 28, 2016 | 01:17 PM
FRANKFURT,(APP - UrduPoint / Pakistan Point News - 28th july,2016) - Scandal-struck car manufacturer Volkswagen said Thursday that its profits fell in the second quarter by 57 percent to 1.15 billion Euros ($1.3 billion). Second-quarter profits were weighed down by almost 2.5 billion euros of special items, mostly related to 2015's diesel emissions cheating scandal. "Further enormous feats of strength will be needed to contain the high costs of the diesel question," finance director Frank Witter said in a statement. The group obtained provisional approval in July for a $14.7 billion settlement to US buyers of some Audi and Volkswagen diesel vehicles, putting one important element of the fallout behind it.
But risks remain from other legal cases dragging on in the US and Germany, where prosecutors have broadened their investigation into the diesel emissions cheating.
VW shares fell by just over two percent in early trading on the Frankfurt stock exchange in response to the result. The full second-quarter figures come one week after a provisional release of better-than expected results for the first six months of 2016. Thursday's figures were boosted by higher unit sales of luxury models from Audi and Porsche and mid-range Skoda over the first half of the year.
Related Topics
Recent Stories
Tennis: ATP Barcelona Open results - 1st update
Swiatek's perfect 10 in Stuttgart as Vondrousova stuns Sabalenka
Arandu's roads closed due to flooding
Oil tanker catches fire in Islamabad’s Blue Area
Pakistan committed to ensure safety of foreign nationals: FO
Tennis: WTA Stuttgart results - 1st update
Four passengers injured as train hit an empty vehicle
Over- speeding bus crushed to death two bike riders
Turkey's Freedom Flotilla ready to set sail for Gaza
French teen dies from heart failure after knife attack near school
Iranians appear unfazed by Isfahan blasts
UAF celebrates Int'l Chinese Language Day
More Stories From World
-
Togo lawmakers approve contested political reform
7 hours ago -
NATO must choose 'whether we indeed are allies': Zelensky
7 hours ago -
US House to vote on Ukraine, Israel, Taiwan aid package
7 hours ago -
Calls for calm after reported Israeli strike on Iran
7 hours ago -
IMF calls on EU to deepen single market integration to boost growth
7 hours ago -
Second Ecuadoran mayor killed ahead of anti-crime referendum: police
7 hours ago
-
Oil, gas drilling blocked in Alaska wilds as Biden seeks green cred
8 hours ago -
Man sets self on fire outside Trump trial
8 hours ago -
Turkey's Freedom Flotilla ready to set sail for Gaza
10 hours ago -
French teen dies from heart failure after knife attack near school
10 hours ago -
Iranians appear unfazed by Isfahan blasts
10 hours ago -
Ecuador mayor killed ahead of anti-crime referendum: police
10 hours ago