VW posts first quarterly loss in 15 years

BERLIN: Volkswagen (VW) posted its first quarterly loss in at least 15 years, slammed by costs related to its rigging of diesel emissions tests, and lowered its profit outlook.

VW yeserday reported a third-quarter operating loss of 3.48 billion (RM16.43 billion). It set aside 6.7 billion in the July- September period to cover costs related to the manipulations affecting 11 million cars globally, up slightly from the 6.5 billion announced on Sept 18.

VW said it now expected its operating profit to drop “significantly below” last year’s record 12.7 billion. – Reuters