Volkswagen Group’s first-quarter operating profit rose 17 percent, helped by cost cuts at the VW brand, a weaker euro and a profit at Spanish unit Seat.

The group's Audi and Porsche brands saw margins shrink on higher investments.

The results provided the automaker with some respite after the unexpected resignation of longtime Chairman Ferdinand Piech on April 25.

Quarterly earnings before interest and taxes increased to 3.3 billion euros ($3.6 billion) from 2.9 billion euros a year earlier, VW said today in a statement. 

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Volkswagen Cost Cutting Offsets Agressive Investments As Quarterly Profits Rise 17%

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