VW profit takes $2.4­bn scandal hit

FRANKFURT: Volkswagen said cost cutting and rising European car sales helped it to beat first-half underlying profit forecasts, though it set aside another 2.2 billion

FRANKFURT: Volkswagen said cost cutting and rising European car sales helped it to beat first-half underlying profit forecasts, though it set aside another 2.2 billion euro ($2.4 billion or over ₹16,000 crore) to cover costs related to its “dieselgate” emissions scandal. VW shares jumped more than 5% after the news on Wednesday. In an unscheduled update ahead of interim results on July 28, VW said its first-half operating profit before one-off items rose 7% to 7.5 billion euros.

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