VW profit sags 50 pct in 'difficult environment' | business | Hindustan Times
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VW profit sags 50 pct in 'difficult environment'

business Updated: Jul 31, 2013 14:16 IST

German automaker Volkswagen AG says net profit fell 50 percent in the second quarter compared to the previous year, when earnings were boosted by a one-time accounting plus related to its takeover of Porsche.

Excluding the Porsche effect, the company's operating earnings rose 1.8 percent in what it called "a difficult market environment" and it says it will still achieve its earnings goal for the year.

Net profit fell to 2.85 billion euros from 5.70 billion in the same quarter a year ago.

Revenue rose 8.5 percent to 52.1 billion euros.

CEO Martin Winterkorn said Wednesday the company had "achieved a solid result in a difficult market environment."

The company said that operating earnings, which exclude financial items such as interest and taxes, would at least equal last year's.