Volkswagen Group is trumpeting a “successful start to 2012” after first quarter operating profit rose 10.2% to EUR3.2bn on sales revenue up 26.3% to EUR47.3bn.

“With the first quarter we have had a clearly good start to the year”, chairman Martin Winterkorn said. “Our results once again show that we are on the right track.”

Operating return on sales fell to 6.8% from 7.8% due to “negative effects from the charges relating to the purchase price allocation for MAN and Porsche Holding Salzburg”.

Profit after tax improved 86.1% to EUR3.2bn.