Volkswagen, Europe’s largest car maker, continues to suffer the fallout from the engine emissions scandal, with first-quarter net profit falling to €2.37 billion, from €2.93 billion a year earlier.
The German car maker’s core VW brand was worst hit, reporting earnings before interest, taxes and special items of €73 million, down from €514 million a year earlier.
It wasn’t all bad news, and VW is benefitting from its diversified structure with ten automotive brands. Premium brands Porsche and Audi performed well, while mid-range Czech brand Skoda reported that operating profit rose by more than 30%.
Still, the group’s consolidated sales were €50.96 billion, down 3.4% from €52.74 billion a year earlier and missing analysts’ forecasts of €51.74 billion. Vehicle sales declined 1.2% to 2.61 million.