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Volkswagen profits slip after Russia production halt
Net profit of 2.13 billion euros
28 October, 09:12
(ANSA-AFP) - FRANKFURT, OCT 28 - German auto giant Volkswagen
reported Friday a fall in third-quarter profits after taking a
hit from suspending production in Russia and the listing of its
premium sports car brand Porsche. The car manufacturer made a
net profit of 2.13 billion euros ($2.12 billion) in July to
September, a fall of more than 26 percent from the same period a
year earlier. Results were "weighed down by non-recurring costs
totalling around 1.6 billion euros related to revaluation
effects due to the group's suspended activities in Russia and
costs associated with the Porsche IPO", said Volkswagen in a
statement. Along with other German automakers including rivals
Mercedes-Benz and BMW, Volkswagen halted exports to Russia
shortly after the invasion of Ukraine and closed its local
production sites. (ANSA-AFP).
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