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VW second-quarter group profit may be similar to first-quarter's 4.4 billion euro - CFO
May 3, 2017 / 2:02 PM / 7 months ago

VW second-quarter group profit may be similar to first-quarter's 4.4 billion euro - CFO

BERLIN (Reuters) - Volkswagen’s (VOWG_p.DE) second-quarter group operating profit may be similar to the 4.37 billion euros (£3.7 billion) achieved in the first three months of the year, finance chief Frank Witter said.

FILE PHOTO: A Volkswagen (VW) logo is seen on a car's front at a scrapyard in Fuerstenfeldbruck, Germany, May 21, 2016. REUTERS/Michaela Rehle/File Photo

Asked during an earnings call on Wednesday whether Volkswagen (VW) may be able to report a higher underlying profit (EBIT) in the April-to-June period as has often happened in past years, Witter said VW was rather bracing for second-quarter EBIT to be similar to the first-quarter result, citing risks such as Brexit and volatile world markets.

Separately, Witter said VW had so far seen cash outflows worth 8 billion euros to pay for fines, vehicle buybacks and repairs related to its diesel emissions scandal.

VW is bracing for outflows in the “double-digit billion-euro range” this year, it said earlier on Wednesday.

The carmaker still expects that the 22.6 billion euros it has set aside will cover all dieselgate costs.

Europe’s biggest automaker is in the midst of reviewing its portfolio of assets and brands but will not comment on rumours of sales such as motorcycle maker Ducati, the CFO said.

Reporting by Andreas Cremer; Editing by Maria Sheahan

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