GERMANY - German car behemoth Volkswagen on Thursday reported a slip in profits in the first quarter, in part blaming a billion-euro charge over"legal risks" related to its"dieselgate" emissions cheating scandal.
This year, net profits at the group dropped 7.5 percent year-on-year to just over three billion euros between January and March.Meanwhile operating, or underlying profit was down 8.2 percent, at 3.9 billion euros, on revenues up 3.1 percent at just over 60 billion. The group said the fatter turnover was down to sales shifting in favour of more profitable models, especially at the flagship VW brand, as well as a strong performance by its financial services division.
Looking to the group's biggest brands, VW increased operating profit, while high-end Audi and luxury Porsche's earnings both fell.
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