Volkswagen Returned to Profit in First Quarter After Huge Loss Last Year

Volkswagen AG, struggling to move past its emissions-cheating scandal, swung back to profit in the first quarter after reporting a record loss for the full year 2015, with the absence of new provisions against earnings feeding optimism that the German car maker has digested the bulk of the financial pain from the diesel crisis. The world’s biggest car maker by sales reported a 20% drop in net profit to €2.31 billion ($2.57 billion) in the three months to end March from €2.89 billion in the same period last year. Chief Executive Matthias Müller said he is “satisfied” with start to what is likely to be tough year.