(MENAFN– ecpulse)
Volkswagen said second-quarter operating profit rose to 3.44 billion euros from 3.38 billion euros a year ago, as the slumping car demand for German automakers was overshadowed by new models and lower costs.
The shares of Europe`s biggest carmaker rallied nearly 2.0 percent earlier on Wednesday. The earnings were better than expected, while analysts called for an average estimate of 3.07 billion euro. Volkswagen rose 4.1 percent this year, valuing the company at 81.2 billion euros.
Higher demand for new models and lower costs in Volkswagen`s home region helped offset a 26 percent slump in operating profit in the first quarter of this year. Also on the report, sales grew 8.5 percent to 51.2 billion euros.
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