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Porsche SE Profit Plunges 53%
Porsche Automobil Holding SE, the company that controls Volkswagen AG and sports car maker Porsche AG, netted €327 million in the first quarter of 2012 compared with €691 million in the same period a year earlier.
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Porsche Automobil Holding SE, the company that controls Volkswagen AG and sports car maker Porsche AG, netted €327 million in the first quarter of 2012 compared with €691 million in the same period a year earlier.
The company took an €810 million charge to write down the value of options to sell its 50.1% Porsche AG stake to VW.
VW acquired a 49.9% stake in the sports car maker after Porsche SE failed in a bid to acquire the larger automaker in 2008. VW and Porsche SE agreed to merge instead, but lawsuits in Germany and the U.S. complicated deal. Volkswagen abandoned the merger plan with Porsche SE last September.
Porsche SE reiterates its commitment to form an integrated auto company with VW. The companies have said they are exploring a deal for VW to buy the remaining Porsche AG stake.
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