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Volkswagen earnings rise in 2017 despite diesel issue settlements

Volkswagen AG more than doubled earnings after tax attributable to shareholders to €11.35 billion in 2017, from €5.14 billion in 2016.

Diluted earnings per ordinary share rose to €22.63 in 2017 from €10.24 in the previous year.

The automobile maker's sales revenue rose 6.2% to €230.68 billion in 2017 from €217.27 billion of the prior year. In the Asia-Pacific region, sales revenue climbed 9.4% year on year to €39.1 billion in 2017, including Chinese joint ventures.

Meanwhile, revenue from Volkswagen passenger cars fell to €79.98 billion in 2017 from €105.65 billion in the prior year.

Operating income for Volkswagen was €13.82 billion in 2017, up from €7.10 billion in 2016. The company's operating income took a €3.2 billion hit during the year, following disclosures of irregularities regarding pollution tests for its vehicles.

For 2017, Volkswagen's board of management and supervisory board proposed a dividend of €3.90 per ordinary share, higher than €2.00 per share of 2016.

Sales revenues of the Volkswagen group and its business areas are anticipated to grow by as much as 5% year on year for 2018, the company said. The company expects to face challenges from the economic situation, increasing competition, exchange rate volatility and the diesel issue in 2018.