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The German car giant Volkswagen announced this Friday a drop in its net profit in the third quarter due to the additional costs of the suspension of its production in Russia and the listing of Porsche.
The manufacturer’s net profit amounted to 2.13 billion euros ($2.12 billion), down 26.5% from a year earlier.
Write-downs linked to the suspension of the group’s activities in Russia and costs due to Porsche’s IPO totaling 1,600 affected results,” the group explained in a statement.
However, turnover rose 24.2% in the third quarter to €70.7 billion.
Volkswagen confirmed its forecasts in this indicator for the whole of the current fiscal year and expects turnover to rise between 8% and 13 percent.
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