Volkswagen's profit up 6.7%, beats expectations

Despite the global economic recess, Volkswagen's first-half underlying profit rose 6.7 percent on record vehicle sales, higher than forecasted profit. The German automaker said its operating profit rose to 6.5 billion euros (7.9 billion dollars) compared with 6.1 billion euros a year earlier, according to Germany's news agency (DPA). Analysts expectations for the first half profits came as 6.4 billion euros. First-half net profit to the end of June rose to 8.8 billion euros from 6.5 billion euros, while total sales surging 95.4 billion euros from 77.8 billion euros. (QNA