Volkswagen Profit Rises Despite Emissions Certification Woes

In this Wednesday, Aug. 1, 2018 file photo, the logo of Volkswagen is seen on top of a company building in Wolfsburg, Germany Source: AP Photo/Michael Sohn, file

Volkswagen saw net profit more than double in the third quarter even as sales fell due to delays certifying vehicles for new emissions tests.

Profit rose to 2.76 billion euros ($3.14 billion) from an adjusted figure of 1.07 billion in the year-ago quarter. Sales revenue rose 0.9 percent to 55.2 billion euros.

Vehicles sales, however, fell 3.6 percent in the quarter, to 2.54 million, as the company failed to get vehicles certified in time for new emissions tests intended to more closely reflect pollution levels based on how people actually drive. The new tests took effect Sept. 1.

Volkswagen said Tuesday it had fewer one-time deductions to earnings in the quarter. There were 800 million euros in one-time costs, compared with 2.6 billion euros in the year-ago quarter.