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Porsche SE Profit Plunges on VW Diesel Scandal
The impact of Volkswagen AG’s diesel emission scandal cut profits for its controlling shareholder, Porsche Automobil Holding SE, by half in the first nine months of 2015.
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The impact of Volkswagen AG’s diesel emission scandal cut profits for its controlling shareholder, Porsche Automobil Holding SE, by half in the first nine months of 2015.
Porsche SE says its earnings dropped to €1.2 billion ($1.3 billion) from €2.5 billion in the same period last year. The group currently owns 52% of VW’s common shares and 32% of its capital stock.
The holding company reiterates that it now expects its net profit this year to shrink to €1.8 billion ($1.9 billion) or less from €3 billion in 2014. Earlier this year the group predicted a profit in 2015 of as much as €3.8 billion.
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