VW Q1 profit jumps 21 pct as Audi, Porsche sales hit record

BERLIN, April 29 Tue Apr 29, 2014 4:59am EDT

BERLIN, April 29 (Reuters) - Volkswagen posted higher first-quarter operating profit, helped by technical factors, as the European recovery lifted sales of Audi and Porsche luxury models to record levels.

Operating profit at the German group jumped 22 percent to 2.9 billion euros ($4.01 billion), beating a 2.74 billion-euro consensus forecast in a Reuters analyst poll.

A year ago, underlying earnings at Europe's biggest carmaker were curbed by as much as 350 million euros because of provisions at engineering group MAN SE linked to a failed power plant project and costs of an overseas vehicle recall. ($1 = 0.7223 Euros) (Reporting by Andreas Cremer, editing by Edward Taylor)


After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.