Volkswagen reported Q1 FY 2016 revenues of EUR 50.96 bln, down 3.4% y/y. The decline was primarily attributable to the fall in vehicle unit sales and negative exchange rate effects. The company's operating profit increased by 3.4% y/y to EUR 3.44 bln, with the reported figure equating to an operating return on sales of 6.8%. Volkswagen profit after tax amounted to EUR 2.37 bln, down 19.3 y/y.
Volkswagen reiterated that it expects FY 2016 sales to be down by up to 5% y/y and that it will achieve an operating return on sales of between 5% and 6%.
VOW3 fell to $135.60 (-1.70%).