German concern Volkswagen AG (VW) increased its EBIT in the 2nd quarter of 2015 by 4.9%, to 3.49 billion euro, thanks to the restoration of the car market in Europe, compensating the weakness in China, according to a press release Volkswagen.
The index was slightly above the consensus forecast of analysts surveyed by Bloomberg, at the level of 3.48 billion euro.
Also, Volkswagen profit after taxes fell in April-June by 16%, to 2.73 billion euro. Data on net profit for the 2nd quarter were not disclosed.
Quarterly revenue of the concern rose 9.9%, to 56.04 billion euro.
At the end of the 1st half-year, profit after tax decreased slightly - to 5.66 billion euro from 5.72 billion euro a year earlier, operating profit increased by 9.7%, to 6.8 billion euro. Revenue in the January-June jumped by 10.1%, from 98.8 billion to 108.8 billion euro.
In addition, Volkswagen downgraded the forecast for global sales in 2015 due to the deceleration of the Chinese economy and the difficult situation in Russia and South America. Sales this year will remain roughly at the level of 2014. Previously it was assumed a moderate growth.
In the past, Volkswagen has sold 10.14 million vehicles, taking 2nd place after Toyota. At the end of the 1st half of 2015 the concern put 5.04 million vehicles, surpassing the Japanese competitor 3 years earlier than the strategic plan of VW anticipated.
Forecast of operating margin for 2015 is confirmed in the range of 5.5% to 6.5% for the group as a whole and from 6% to 7% for passenger cars.
In April, Volkswagen expected that the revenue in 2015 will exceed the record 202 billion euro received in 2014, estimating a possible rise of 4%. In July, the company did not specify the annual revenue expectations.
Currently, Volkswagen holds integration of three trucks brands. It is about VW, MAN and Scania. MAN has reserved 170 million euro for restructuring in the last quarter.
Audi division increased operating profit in the first half-year by 7.4%, to 2.9 billion euro, and Porsche - by 21%, to 1.7 billion euro, thanks to the new compact SUV Macan. These two brands in January-June have provided more than two-thirds of the VW profits.
The operating profit of the division which produces the actual Volkswagen cars, in January-June rose to 1.4 billion euro. The profitability of the brand on operating margin increased from 2.1% to 2.7%.
Shares of Volkswagen on Wednesday fell 2.1%. Since the beginning of this year, the company's capitalization has risen by 3.6%, to 88.6 billion euro.