German automaker Volkswagen saw operating profit slip in the first quarter as the company set aside 1 billion euros for legal issues but reaffirmed its profit goals for the year and saw better profits at its core brand.
The company said Thursday that operating profit fell to 3.9 billion euros ($4.4 billion) from 4.2 billion euros in the same quarter a year ago. Group sales revenue rose 3.1% to 60.0 billion euros.
Continue Reading Below
The Volkswagen brand, one of the company’s 12, saw operating profit rise 5 % to 921 million euros as cost control and a more profitable model mix compensated for lower volumes.
Volkswagen still faces legal issues from its 2015 scandal over cars rigged to cheat on diesel emissions test, including a pending suit from investors.
