VW’s Skoda Auto reports 61% rise in Q1 operating profit

PRAGUE (Reuters) – Czech carmaker Skoda Auto, part of the Volkswagen group, lifted operating profit by 60.8% year-on-year to 542 million euros ($598 million) in the first quarter, while revenue rose by a third to 6.8 billion euros, the company said on Monday.

Global deliveries increased in the period by 12.6%, which Skoda had previously reported. The company said it had seen sustained demand, and higher sales in southern and western Europe boosted deliveries.

Skoda is looking to recover this year from parts shortages that have weighed on deliveries and waiting times in the past three years.

“After recent external influences that negatively impacted the company’s financial results, Skoda Auto was able to reverse this trend and steer back on course,” it said.

Deliveries for Skoda’s all-electric Enyaq rose 40.7% in the period, the company said.

(Reporting by Jason Hovet; Editing by Mark Potter)