Volkswagen First-Quarter Profit Down 76% However Liquidity Rises 34%

Volkswagen posted a 76 percent drop in first-quarter operating profit on Wednesday, but automotive net liquidity rose 34 percent compared with the end of last year, as the group slashed investments.

Volkswagen said that quarterly operating profit fell to 312 million euros ($403.2 million), but the decline was slowed by a 600-million euro contribution from the sale of its Brazilian heavy truck business to strategic partner MAN.

Automotive net liquidity grew 34 percent over the course of the quarter to 10.7 billion euros from 8.0 billion at the end of December after it radically slashed cash used for investments.