FRANKFURT, Germany (AP) - German automaker Volkswagen AG says net profit fell 50% in the second quarter compared to the previous year, when earnings were boosted by a 1-time accounting plus related to its takeover of Porsche.
Excluding the Porsche effect, the company's operating earnings rose 1.8% in what it called "a difficult market environment" and it says it will still achieve its earnings goal for the year.
Net profit fell to 2.85 billion euros from 5.70 billion in the same quarter a year ago. Revenue rose 8.5% to 52.1 billion euros.
CEO Martin Winterkorn said Wednesday the company had "achieved a solid result in a difficult market environment." The company said that operating earnings, which exclude financial items such as interest and taxes, would at least equal last year's.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Tuesday, September 2 2014 5:32 PM EDT2014-09-02 21:32:59 GMT
Authorities are investigating after three people were killed and two others were critically injured in shootings in a south Kansas City neighborhood.More >>
Authorities are investigating after three people were killed and two others were critically injured in shootings in a south Kansas City neighborhood. Police are seeking the public's help in finding the gunman. More >>
Tuesday, September 2 2014 4:42 PM EDT2014-09-02 20:42:09 GMT
Canadian police say pop star Justin Bieber has been charged with dangerous driving and assault after a collision between a minivan and an ATV led to a physical altercation in southwestern Ontario.More >>
Canadian pop star Justin Bieber faces new charges after he was arrested for dangerous driving and assault following a collision between a minivan and an ATV that led to a physical altercation involving a photographer, his...More >>
Tuesday, September 2 2014 4:17 PM EDT2014-09-02 20:17:32 GMT
U.S. military forces attacked the Islamic extremist al-Shabab network in an operation in Somalia on Monday, the Pentagon said, in a strike a Somali official said targeted the group's fugitive leader.More >>
U.S. airstrikes in Somalia may have killed the leader of the Islamic extremist group al-Shabab, with a militant commander saying Tuesday that he was in a car that was struck and that six people died.More >>