Volkswagen closed the third quarter with a profit and raised its revenue forecasts for the whole of 2016. Between July and September, profits reached 2,28 billion euros, against the loss of 1,73 billion recorded in the same period last year which was affected by the provisions for the Dieselgate scandal.
In detail, operating profit grew to 3,31 billion euros, exceeding the average estimate of 3,23 advanced by analysts. The group has revised upwards expectations for revenues this year, expecting to replicate the 2015 result at 213 billion. Last summer alone, the group had forecast a 5% decline.
Le sales they increased by 6,7% in the quarter ended in September, with the group hitting the highest growth for two and a half years, thanks to strong demand in China and Europe. In the third quarter, pre-tax profit amounted to 3,35 billion euros.
After an initial rally, Volkswagen shares fell slightly negative on the Frankfurt Stock Exchange in mid-morning (-0,6%).
