Frankfurt: The net profit of Germany’s automotive manufacturer Volkswagen declined to 2.365 billion euros ($2.64 billion) in the first quarter of 2016, with a drop of 19.3 per cent compared to the same quarter of 2015.
Volkswagen on Tuesday published its first quarter data which featured a 3.4 per cent surge in its operating profits to 3.440 billion euros ($3.84 billion), Efe news reported.
Sales revenues between January and March 2016 dropped 3.4 per cent to 50.964 billion euros ($56.84 billion) due to the slowdown in sales, as well as the negative repercussions of the exhaust emission tests scandal.
Volkswagen’s shares fell 2.2 per cent to 134.85 euros ($150.40) per share on the Frankfurt stock exchange, following the beginning of trading after the announcement of the company’s data.
Volkswagen CEO Matthias Muller expressed satisfaction over the 2016 first quarter in light of the many challenges faced by the company, adding that the current year still requires more effort.For all the latest Auto News, download NewsX App