Deliveries up 5.4% to 4.8m vehicles worldwide drove VW Group sales revenue in the first half to EUR98.7bn (EUR95.4bn) but operating profit fell to to EUR5.8bn from EUR6.5bn a year ago.
Profit before tax was EUR6.6bn (EUR10.1bn) but last year’s result had been boosted by a remeasurement of Porsche options (EUR2.6bn). Profit after tax was EUR4.8bn (EUR8.8bn).
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Volkswagen Commercial Vehicles delivered 220,000 vehicles (228,000) and raised operating profit to EUR246m (EUR242m).
Scania lifted its sales to 38,000 trucks and buses (32,000). But increased pressure on margins saw its operating profit decline to EUR464m (EUR477m).
MAN sold 65,000 trucks and buses (68,000) and reported an operating loss of EUR124m versus profit of EUR355m.
Volkswagen Financial Services generated an operating profit of EUR696m (EUR663m).
Chairman Martin Winterkorn said though sales revenue is expected to exceed 2012’s, “ongoing uncertainty in the economic environment” means only a matching profit goal.
