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VW Q1 profit jumps 21 pct as Audi, Porsche sales hit record
April 29, 2014 / 9:01 AM / 4 years ago

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

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)

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