VW sees return to profit in 2016 after huge loss last year

WOLFSBURG: Embattled German carmaker Volkswagen expects to drive back to profit in the current year after turning in a huge loss last year as a result of the global engine-rigging scandal, its chief financial officer said Thursday.

"We're starting from the assumption that we'll end the year in profit," CFO Frank Witter told VW's annual earnings news conference.

In 2015, VW booked a loss of 1.58 billion euros ($1.8 billion), its first loss since 1993, after setting aside 16.2 billion euros in provisions to cover the potential fines, lawsuits and recall costs from the scandal.