Volkswagen Reports profit Slump as Competition Hits Sales

Berlin, July 31 (QNA) – Europe’s biggest carmaker Volkswagen posted Thursday a 3.1-per-cent drop in second-quarter profit, with slumping demand in Eastern Europe and intense global competition causing a decline in group revenue.

Operating profit fell to 3.33 billion euros (4.46 billion dollars) in the three months to the end of June from 3.44 million euros in the same period last year, the German-based group said, dpa reported.(QNA)

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