WOLFSBURG (dpa-AFX) - The Volkswagen Group (VKW.L, VLKAF.PK, VOW.BE) reported first half profit after tax of 8.52 billion euros, down 20% from last year. Operating profit before special items was 11.35 billion euros, compared to 13.18 billion euros, prior year. Operating profit before valuation effects mainly from commodity hedging outside hedge accounting was 13.9 billion euros, an increase of about 13 percent. This resulted in a corresponding margin of 8.9 percent, for the period.
First half revenue grew by 18 percent to 156.3 billion euros driven by a continued recovery in volume as well as solid mix and pricing. Volkswagen delivered 4.4 million vehicles in first half period, up 13 percent year-on-year, driven by strong performance without China.
Volkswagen Group confirmed the financial outlook for fiscal 2023. The Group noted that the outlook for deliveries is slightly adapted for 2023 from around 9.5 million to 9 to 9.5 million while the Group remains fully on track to meet the sales revenue goal.
The Group stated that the automotive division's net liquidity remained solid at 33.6 billion euros at the end of first half.
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