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VW Q1 profit jumps 40 pct as brand cost cuts materialize
May 3, 2017 / 6:42 AM / 7 months ago

VW Q1 profit jumps 40 pct as brand cost cuts materialize

BERLIN, May 3 (Reuters) - Volkswagen reported one of its highest-ever quarterly group profits even as vehicle sales declined, a sign that long-overdue cost cuts are materializing as the carmaker pushes to overcome its emissions scandal.

First-quarter group operating profit jumped 40 percent to 4.37 billion euros ($4.77 billion) from 3.13 billion a year ago, Volkswagen (VW) said on Wednesday, joining rivals Daimler and BMW which have also reported better-than-expected quarterly results.

Results were helped by improving cost savings at VW’s troubled core division, the carmaker said, sticking with expectations for the full-year group operating margin to come in between 6 and 7 percent after 6.7 percent in 2016.

$1 = 0.9158 euros Reporting by Andreas Cremer; Editing by Maria Sheahan

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