VW holding company Porsche SE posts lower profit
The VW parent company Porsche SE (PSE) made less profit in the first three quarters of the year than in the same period of the previous year. After the first nine months of the year, Group profit after tax amounted to 3.8 billion euros, as the DAX-listed company announced in Stuttgart on Monday - in the same period of the previous year it had still amounted to 4.8 billion euros.
The result is significantly influenced by the core shareholdings in Volkswagen AG and the sports car manufacturer Porsche AG. PSE maintained its forecast of a consolidated profit after tax of between 4.5 billion euros and 6.5 billion euros for this financial year, with this expected to be in the lower half of this corridor.
Net debt has improved and stood at 5.8 billion euros at the end of September this year. It is expected to be between 6.1 billion and 5.6 billion euros by the end of the year.
Through Porsche SE, the Porsche and Piëch families secured 25 percent plus one share of the sports car manufacturer's ordinary shares when Porsche AG went public last year. This gives the families a blocking minority in the Stuttgart-based car manufacturer. PSE had financed the purchase price of 10.1 billion euros with 7.1 billion euros in debt capital - the rest was paid with the special dividend that the VW Group distributed to shareholders as part of the transaction.
Despite the lower quarterly figures for Porsche SE, the company still expects to make a consolidated profit after tax between 4.5 billion and 6.5 billion euros this financial year. The quarterly profit for the car manufacturing giant, VW, as held by Porsche SE, was lower than in the same period the previous year.
Source: www.dpa.com
