Volkswagen Posts H1 Profit On Good Sales Growth; Ups Guidance

Volkswagen AG (VKW.L,VLKAF.PK,VOW.BE) on Thursday reported 34.9% growth in sales revenue in the first half to 129.669 billion euros from 96.131 billion euros in the year-earlier period, driven by record deliveries posted by the company's premium brands Audi and Porsche.

The company posted earnings before tax at 11.153 billion euros in the first half compared with loss before tax of 1.352 billion euros last year.

Volkswagen Financial Services more than doubled its operating result year-on-year to 2.3 billion euros.

For the second quarter, sales revenue jumped 63.8% to 67.293 billion euros from 41.076 billion euros in the same quarter a year ago.

The company reported earnings before tax of 6.69 billion euros in the second quarter compared with loss before tax of 2.034 billion last year.

Looking forward, Group has raised the guidance for its operating return on sales for full year 2021 by 0.5 percent to 6.0 to 7.5 percent.

"We're keeping up our high pace, both operationally and strategically. The premium segment performed especially well with double-digit returns, as did Financial Services. Our electric offensive is picking up momentum," Herbert Diess, CEO of the Volkswagen Group.

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