Volkswagen Group's first-quarter operating profit rose 22 percent from a year earlier, as earnings from the Porsche and Audi brands helped to offset falling profitability at the automaker's core VW brand.
Earnings before interest and taxes increased to 2.86 billion euros ($3.97 billion) from 2.34 billion euros a year earlier, VW said in a statement today. First-quarter revenue was up nearly 3 percent to 47.8 billion euros ($66.25 billion).
"The Volkswagen group has established a strong position in recent years," and "our good start to the current fiscal year is an additional proof of this," CEO Martin Winterkorn said in the statement. "We must now continue improving our position and maintain our successful cours."