Volkswagen diesel scandal still hitting profits | 2017-10-29 | daily-sun.com

Volkswagen diesel scandal still hitting profits

    28th October, 2017 10:45:18 printer

LONDON: Volkswagen's diesel emissions scandal has continued to hit its profits, according to the latest figures from the carmaker.


Third-quarter operating profit before costs related to the scandal was €4.3bn (£3.8bn), an increase of 15% on the same period in 2016, reports BBC.


However, once additional provisions in connection with the diesel issue were accounted for, operating profit was €1.7bn, 48% down on last year. VW said there was "a lot to be done".


However, chief executive Matthias Mueller said: "Our operating business is strong, our financial position robust."


VW said the diesel scandal had cost the carmaker about €14.5bn so far this year. However, Frank Witter, the VW management board member responsible for finance, said the firm had "an adequate financial cushion", although the diesel issue was nowhere near an end.


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