FRANKFURT, Germany – Volkswagen says profits bounced back to 2.34 billion euros ($2.55 billion) in the third quarter from a large loss a year earlier, when the bank had one-time losses in anticipation of settling its scandal over cars rigged to cheat on diesel emissions tests.
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The figure reported Thursday for profit after tax reversed last year's loss of 1.67 billion euros.
For the year-earlier quarter, the company took a 6.7 billion euro charge in anticipation of looming costs for recalls, fixes and buybacks of cars with software that enabled the cheating. A judge in federal court in San Francisco on Tuesday approved a $15 billion settlement under which Volkswagen will buy back or fix almost half a million cars.
Third-quarter sales revenue rose 1 percent to 52.0 billion euros.