Volkswagen 2017 profit nearly doubles amid luxury sales surge, brand cuts


BERLIN (Reuters) – Volkswagen (VOWG_p.DE) said full-year profit nearly doubled last year, helped by record sales of luxury Audi and Porsche models and cost cuts at its VW mass-market brand. Group operating profit after special items jumped to 13.8 billion euros from 7.1 billion a year ago, VW said on Friday, below the bottom-end forecast of 13.9 billion in a Reuters poll. But VW raised the provisions related to its diesel emissions scandal to 3.2 billion euros last year, from 2.6 billion euros after nine months. The German group also said it expects a return on sales for 2018 of between 6.5 and 7.5 percent, after reaching 7.4 percent last year, and revenue to exceed 2017 levels by up to 5 percent. Reporting by Andreas Cremer; Editing by Maria SheahanOur Standards:The Thomson Reuters Trust Principles.
Source: Reuters