Volkswagen Q1 Profit Surges

posted a gain in its profit for the first quarter. Volkswagen's after-tax profit surged 18.8 percent to EUR2.9 billion, versus a year-ago profit of EUR2.5 billion. Its revenue gained 10.3 percent to EUR52.7 billion, compared to EUR47.8 billion, while operating earnings climbed 16.6 percent to EUR3.33 billion in the first quarter. Operating earnings from Volkswagen's joint ventures in China jumped to EUR1.6 billion, versus EUR1.2 billion in the year-ago period. Chief Executive Martin Winterkorn said, "Our key figures show that the VW group remains on course, despite the headwinds." The company maintained its operating profit forecast for the full year. Volkswagen shares fell 1.37 percent to close at $51.78 yesterday.