Volkswagen’s profits fell in the second quarter, but it maintained its targets for the full year.
The German automaker said profit after tax came in at 3.91 billion euros, up from 5.04 billion euros a year ago.
Operating profit before extraordinary items fell 28% to €4.74bn and comparable return on sales fell to 6.8% from 9.7% as it took €2.4bn of hedge-related charges of raw materials.
Quarterly revenue rose 3.3% to €69.54 billion.
For the full year, Volkswagen continues to expect revenues to be 8%-13% higher than last year and operating returns on sales to be 7%-8.5%.
“The group expects the product mix to normalize in the second half as the semiconductor situation improves combined with a strong order book,” the German automaker said, adding that “a notable recovery in monthly sales towards the end of the second half quarter, portends good news for second half sales”.
Source: Capital
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