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Net profit down 19% at scandal-hit Volkswagen in 1st quarter

/ 03:50 PM May 31, 2016
Germany Volkswagen Wage Deal

In this April 28, 2016 file photo a Volkswagen emblem VW at a factory entrance stands behind green bushes in Wolfsburg, Germany. AP

FRANKFURT, Germany — Volkswagen saw net profit fall 19 percent in the first quarter as it struggled to deal with a scandal over cars equipped to cheat in diesel emissions tests.

The company also faced plummeting sales in Russia and Brazil due to troubled economies there.

Profits for the first three months of the year fell to 2.37 billion euros ($2.63 billion) from 2.93 billion euros a year earlier. Revenue fell 3.4 percent due to lower unit sales and to exchange rate effects.

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Volkswagen faces heavy costs for recalls and fixes to cars with engine-control software that evaded emissions tests.

CEO Matthias Mueller said in a statement Tuesday that the company “managed to limit the economic effects of the diesel issue and achieve respectable results under difficult conditions.” TVJ

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TAGS: Brazil, diesel, Diesel Emissions, Diesel Emissions Tests, euros, motioncars, Motoring, Russia, Volkswagen
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