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Volkswagen on track one year after 'Dieselgate' blow

AFPAFP 27/10/2016 Paul J. Richards

Volkswagen's 2.28bn euros net profit for the three months ending September fell slightly short of the 2.45bn euros forecast by analysts © Provided by AFP Volkswagen's 2.28bn euros net profit for the three months ending September fell slightly short of the 2.45bn euros forecast by analysts German auto giant Volkswagen said Thursday it made 2.28 billion euros ($2.49 billion) in net profit in the third quarter, after a massive loss a year ago over its global emissions cheating scandal.

The group's profit for the three months ending September fell slightly short of the 2.45 billion euros forecast by analysts, but was a sharp improvement from the 1.73-billion euro net loss posted for the same period last year.

The carmaker, once a paragon of German industry, has been plunged into its deepest-ever crisis after it emerged in September last year that it installed emissions-cheating software in 11 million diesel engines worldwide.

The still incalculable costs of the affair -- including regulatory fines and legal costs -- pushed VW into the red for the first time in more than 20 years last year when it booked a loss of 1.6 billion euros due to the provisions it was forced to set aside, which have so far mounted to 18 billion euros.

A US judge on Tuesday granted final approval for a $14.7-billion class action settlement in the emissions cheating scandal, the largest such automaker settlement in history.

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