In the first quarter of this year, Škoda Auto’s operating profit fell to EUR 337 million, or roughly CZK 8.3 billion. It was 448 million euros in the same period last year.
The roughly one-quarter drop in profit was announced on Wednesday by parent company Volkswagen, which said the war in Ukraine had negatively impacted its results.
Škoda Auto’s quarterly sales rose slightly to 5.10 billion euros from 5.05 billion euros a year ago.
The entire Volkswagen Group almost doubled its pre-tax profit despite the chip crisis and the effects of the war in Ukraine. It increased year-on-year to 6.7 billion euros (165 billion crowns) from 3.4 billion in the first quarter.
The group’s business was also buoyed by higher selling prices, especially for more expensive brands.