Hamburg (Reuters) – Despite the Ukraine war and halting production due to the fight against corona in China, Volkswagen made billions in profit at the beginning of the year.
The operating result before special items was around 8.5 billion euros in the first quarter and the return was 13.5 percent, the group announced on Thursday based on preliminary figures. In addition to the robust operating business, a positive fair value assessment of hedging instruments of EUR 3.5 billion was responsible for the increase.
Looking ahead, the management explained that there was still a risk that the further development of the Ukraine war would have a negative impact on the car group’s business. Volkswagen intends to publish the final figures for the first quarter on May 4th.