Volkswagen says net profit tumbled 20% in Q1

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Frankfurt (AFP)

Embattled German auto giant Volkswagen said Tuesday that both sales and profits fell in the first three months of the year but it is sticking to its full-year targets.

VW, currently engulfed in a massive emissions-cheating scandal, said in a statement that net profit slumped by 20.1 percent to 2.31 billion euros ($2.6 billion) in the period from January to March, on a 3.4-percent decline in sales to 50.96 billion euros.

"We are confirming our forecast for the whole year," with overall sales set to decline by "up to five percent," VW said.