For the first six months of the year, earnings at beleaguered Volkswagen AG surpassed expectations, with its operating profit rising to $7.5 billion euros, up from 6.99 billion euros in the same period of 2015.
The figure did not take into consideration an additional 2.2 billion euros that have been earmarked to address increasing legal expenses in the U.S. To date, the company has reserved more than 18 billion euros to cover costs associated with its diesel emissions scandal.
Released prior to a complete quarterly financial report expected on July 28, the earnings figure indicates that Volkswagen operations are recovering despite the ongoing legal repercussions of the scandal. On Tuesday, Maryland, Massachusetts and New York announced lawsuits accusing “top brass” at the company of being aware of emissions cheating efforts as far back as 1999.
For the year, Volkswagen is forecasting operating profits coming in between 5 and 6 percent of sales, with revenue dropping by up to 5 percent.