Volkswagen posts higher sales revenue

The Volkswagen Group on Wednesday reported higher sales revenue in the first quarter and said it makes "a good start" to fiscal year 2015.

Sales revenue rose by 10.3 percent to 52.7 billion euros in the first quarter as a result of higher volumes, improvements in the mix and positive exchange rate effects, a statement by the group said.

The operating profit grew by 16.6 percent to 3.3 billion euros and the profit after tax rose to 2.9 billion euros, as compared to 2.5 billion euros recorded in the first quarter of 2014.

Martin Winterkorn, Chairman of the Board of Management, said in Wolfsburg that the company remained on course despite the headwinds as the key figures suggested.

"We expect trends in the passenger car markets in the individual regions to remain mixed. This environment demands our utmost flexibility and financial strength so that we can safeguard the Group's success in the long term and achieve the goals of our Strategy 2018", said Chief Financial Officer Hans Dieter Poetsch.

The Chairman of the Supervisory Board of Volkswagen Group Chairman Ferdinand Piech had resigned, the company announced on Saturday. He quit after a failed power struggle with Martin Winterkorn.