Volkswagen Group has said it “cannot be satisfied” with its profitability, as it missed third quarter targets due to hedging losses and supply chain disruption. Profits declined seven percent in the first nine months of the year, to sit at €16.2bn £14.1bn. The German carmaker attributed the development to “negative valuation effects” from commodity hedging, which led to a €2.5bn loss in the third quarter, and lowered its full-year profit margin forecast.
Flooding in Slovenia, which forced the closure of its suppliers’ plants for weeks, has also dented third quarter performance and slowed manufacturing in its German factories. Volkswagen shares dipped earlier this week after a pre-announcement of the fall in third quarter earnings, which sparked concern among analysts. A Citi analyst note read “We had not expected this magnitude of deterioration.
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