Volkswagen says profits raced ahead by 86% in 1st quarter

Apr 26, 2012 |

Frankfurt

Tags:

Volkswagen

Volkswagen, Europe's biggest car maker, said Thursday it got off to a 'successful' start to 2012 with net profit nearly doubling in the first three months.

VW said in a statement its net profit motored ahead 86 per cent to 3.186 billion euros ($4.222 billion) in the period from January to March on a 26.3-per cent rise in sales to 47.326 billion euros.

Underlying earnings, as measured by operating profit, revved up 10.2 per cent to 3.209 billion euros, as the auto giant sold 11.3 per cent more cars -- 2.26 million worldwide -- in the three-month period, it said.

The numbers were better than expected, driving VW shares 4.2 per cent higher on the Frankfurt stock exchange to 131.5 euros.

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