BERLIN May 3 Volkswagen reported
one of its highest-ever quarterly group profits even as vehicle
sales declined, a sign that long-overdue cost cuts are
materializing as the carmaker pushes to overcome its emissions
First-quarter group operating profit jumped 40 percent to
4.37 billion euros ($4.77 billion) from 3.13 billion a year ago,
Volkswagen (VW) said on Wednesday, joining rivals Daimler
and BMW which have also reported
better-than-expected quarterly results.
Results were helped by improving cost savings at VW's
troubled core division, the carmaker said, sticking with
expectations for the full-year group operating margin to come in
between 6 and 7 percent after 6.7 percent in 2016.
($1 = 0.9158 euros)
(Reporting by Andreas Cremer; Editing by Maria Sheahan)