Volkswagen posts $8.2B profit in first half of 2019

By Gokhan Ergocun

ISTANBUL (AA) - The Volkswagen Group posted €7.2 billion ($8. 2 billion) in net profit in the first half of 2019, according to the company's balance sheet released on Thursday.

The German automotive giant's income increased 8.4% from €6.6 billion ($7.65 billion) in the first six months last year, the company said.

Revenues totaled more than €125 billion ($142.5 billion) between January and June, up 4.9% versus the same period in 2018.

The producer's profit before tax was €9.56 billion ($10.9 billion) in the same period of 2019.

Vehicles sales decreased 4.2% to 5.34 million units year-on-year during the first six months.

The company also posted €4.1 billion ($4.67 billion) in profit during the second quarter with more than €65.2 billion ($74.3 billion) in revenue.

Another automotive producer, Daimler Group, which owns Mercedes, Smart, Setra and Maybach, posted €902 million ($1 billion) in net profit in the first half, while seeing €1.2 billion ($1.37 billion) in losses during the second quarter.

The Euro/dollar exchange rate was 1.14 at the end of June and 1.16 at the end of June 2018.