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FRANKFURT, Germany – Automaker Volkswagen saw profit drop by half in the third quarter due to expenses for fixing and buying back diesel cars in the United States.
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The Wolfsburg-based automaker said Friday that it was otherwise a “strong third quarter” and raised its earnings outlook for the full year.
Profit after tax fell to 1.14 billion euros ($1.33 billion) from 2.33 billion in the same quarter a year earlier. Volkswagen announced Sept. 29 that it would take around 2.5 billion euros in additional charges for complying with a settlement with U.S. authorities over diesel cars it had rigged to cheat on emissions tests.
Sales revenues rose 5.8 percent to 55.0 billion euros.
The company says the operating margin before special items will be “moderately higher” than the original 6-7 percent.