Net profit rose to €3.19 billion ($4.2 billion) from €1.71 billion in the same period the year before, the company said on April 26. Earnings were boosted by a much bigger profit on financial items that reflected the revaluing of share options related to the company’s attempt to fully integrate sports car maker Porsche and its hedging against currency fluctuations.
Operating earnings — which exclude such financial complexities — rose 10 percent to €3.2 billion, ahead of market analysts’ expectations for €2.6 billion. Revenues were up 26 percent to €47.33 billion on the year.
Volkswagen’s luxury brand Audi saw stronger sales of its A6, A7 Sportback and A8 models, which contributed to an increase in the division’s operating earning of 26 percent to €1.4 billion. Volkswagen’s brands include mass-market nameplates SEAT and Skoda as well as luxury businesses Bentley, Bugatti and Lamborghini as well as commercial vehicle makers Scania and MAN.