VW Profit Signals End To Emissions Saga

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2018-02-24 HKT 02:40

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  • Volkswagen's integrity took a huge blow following the rigged emissions scandal. File photo: AFP

    Volkswagen's integrity took a huge blow following the rigged emissions scandal. File photo: AFP

The world's largest carmaker, Volkswagen, says it more than doubled net profits in 2017, with record sales helping it overcome problems including its long-running diesel emissions scandal.

VW said in a statement it had booked an 11.4 billion euro (HK$109 billion) bottom line last year, up from the 5.1 billion euros earned in 2016.

Record sales of some 10.74 million vehicles worldwide helped the group based in Wolfsburg, Germany to boost revenues 6.2 percent year-on-year, to 230.7 billion euros.

Operating, or underlying profits increased 94.5 percent to 13.8 billion euros, even after subtracting some 3.2 billion euros in one-off charges "related exclusively to charges... due to the diesel issue," the firm said.

VW admitted in 2015 to manipulating 11 million diesel vehicles worldwide to fool regulators' emissions tests, and has since paid out more than 20 billion euros for buybacks, fines and compensation.

In the wake of the diesel scandal, VW has promised deep reforms across its sprawling 12-brand empire, which ranges from Lamborghini, Audi and Porsche to Skoda, Seat and its own branded cars. (AFP)