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Europe

Volkswagen profit jumps 44 pct on cost controls, model mix

Associated Press
Published | Updated
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    FILE - In this March 14, 2017 file photo Volkswagen cars are lifted inside a delivery tower of the company in Wolfsburg, Germany. Volkswagen will report first-quarter and hold analyst and investor conference call on Wednesday, May 3, 2017. (AP Photo/Michael Sohn, file) (The Associated Press)

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    FILE - In this April 28, 2017 file photo an e-Golf electric car with the VW logo on a rim is pictured in the German car manufacturer Volkswagen Transparent Factory (Glaeserne Manufaktur) in Dresden, eastern Germany. Volkswagen will report first-quarter and hold analyst and investor conference call on Wednesday, May 3, 2017. (AP Photo/Jens Meyer, file) (The Associated Press)

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    FILE - In this Oct. 5, 2015, file photo, the VW sign of Germany's Volkswagen car company is displayed at the building of a company's retailer in Berlin. Volkswagen will report first-quarter and hold analyst and investor conference call on Wednesday, May 3, 2017. (AP Photo/Markus Schreiber, File) (The Associated Press)

FRANKFURT, Germany – German automaker Volkswagen is reporting that first-quarter profit jumped 44 percent as the company works past its scandal over diesel cars rigged to cheat on emissions tests.

After-tax profit rose to 3.4 billion euros ($3.7 billion), up from 2.4 billion euros in the year-earlier quarter.

The Wolfsburg-based company said Wednesday the improved result came from tighter cost controls, a sales mix favoring its more-profitable models and favorable shifts in currency exchange rates.

It also saw a better profit performance from its namesake Volkswagen brand.

Fines and related costs from the scandal reduced the company's cash pile somewhat but CFO Frank Witter said the group retained "a strong financial foundation" despite facing further scandal outlays this year in double-digit billions. Net cash fell by 3.9 billion euros to 23.6 billion euros.