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VW’s Skoda Auto reports 61% rise in Q1 operating profit
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PRAGUE (Reuters) – Czech carmaker Skoda Auto, part of the Volkswagen group, lifted operating profit by 60.8% year-on-year to 542 million euros ($598 million) in the first quarter, while revenue rose by a third to 6.8 billion euros, the company said on Monday.
PRAGUE (Reuters) – Czech carmaker Skoda Auto, part of the Volkswagen group, lifted operating profit by 60.8% year-on-year to 542 million euros ($598 million) in the first quarter, while revenue rose by a third to 6.8 billion euros, the company said on Monday.
Global deliveries increased in the period by 12.6%, which Skoda had previously reported. The company said it had seen sustained demand, and higher sales in southern and western Europe boosted deliveries.
Skoda is looking to recover this year from parts shortages that have weighed on deliveries and waiting times in the past three years.
“After recent external influences that negatively impacted the company’s financial results, Skoda Auto was able to reverse this trend and steer back on course,” it said.
Deliveries for Skoda’s all-electric Enyaq rose 40.7% in the period, the company said.
(Reporting by Jason Hovet; Editing by Mark Potter)
Operating profit is the income generated from a company's normal business operations, excluding expenses associated with non-operating activities, taxes, and interest payments.
Revenue is the total income generated by a company from its business activities, such as sales of goods and services, before any expenses are deducted.
Global deliveries refer to the total number of products or goods shipped to customers worldwide during a specific period.
Demand in business refers to the desire and ability of consumers to purchase goods or services at a given price.
Electric vehicles (EVs) are automobiles that are powered entirely or partially by electricity, using electric motors instead of traditional internal combustion engines.
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