Volkswagen first-half operating profit up 10per cent on higher Volkswagen, Porsche sales

Volkswagen first-half operating profit up 10per cent on higher Volkswagen, Porsche sales

Volkswagen Group on Thursday said its first half operating profit rose 10.3per cent to 9 billion euros (US$10.02 billion), buoyed by sales of higher-margin sports utility vehicles and a jump in demand for Porsche vehicles.

FILE PHOTO: A Volkswagen logo is pictured in a production line at the Volkswagen plant in Wolfsburg
FILE PHOTO: A Volkswagen logo is pictured in a production line at the Volkswagen plant in Wolfsburg, Germany March 1, 2019. REUTERS/Fabian Bimmer/File Photo

FRANKFURT: Volkswagen Group on Thursday said its first half operating profit rose 10.3per cent to 9 billion euros (US$10.02 billion), buoyed by sales of higher-margin sports utility vehicles and a jump in demand for Porsche vehicles.

Higher demand for VW, Porsche and Skoda cars helped to offset a drop in Audi sales, the carmaker said.

Volkswagen confirmed its outlook for the year and said its operating return on sales rose to 7.2per cent, up from 6.8per cent in the year-earlier period.

(Reporting by Edward Taylor; Editing by Michelle Martin)

Source: Reuters

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