German automaker Volkswagen is reporting a 26.8 percent rise in net profits despite a slump in earnings for its namesake brand.

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German automaker Volkswagen is reporting a 26.8 percent rise in net profits despite a slump in earnings for its namesake brand.

Group net profit rose to 2.47 billion euros ($3.42 billion) during the first quarter, up from 1.95 billion euros in the same period last year.

The biggest contribution came from its Audi luxury division, which saw an operating profit on a level with the previous year’s first quarter 1.3 billion euros.

This was followed by an increased operating profit of 698 million euros for its Porsche unit.

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The Volkswagen brand brought the group 440 million euros before interest and taxes, compared with 590 million euros in the year-ago period.

Volkswagen said Tuesday its first-quarter sales revenue was up 2.7 percent at 47.8 euros billion.

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