FRANKFURT, Germany (AP) – Volkswagen says profits bounced back to 2.34 billion euros ($2.55 billion) in the third quarter from a large loss a year earlier, when the bank had one-time losses in anticipation of settling its scandal over cars rigged to cheat on diesel emissions tests.
The figure reported Thursday for profit after tax reversed last year’s loss of 1.67 billion euros.
For the year-earlier quarter, the company took a 6.7 billion euro charge in anticipation of looming costs for recalls, fixes and buybacks of cars with software that enabled the cheating. A judge in federal court in San Francisco on Tuesday approved a $15 billion settlement under which Volkswagen will buy back or fix almost half a million cars.
Third-quarter sales revenue rose 1 percent to 52.0 billion euros.