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Porsche SE Returns to Profitability
Porsche Automobil Holding SE, which owns 52% of Volkswagen AG’s voting shares, reports a profit in 2016 of €1.4 billion ($1.5 billion).
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Porsche Automobil Holding SE, which owns 52% of Volkswagen AG’s voting shares, reports a profit in 2016 of €1.4 billion ($1.5 billion).
The results reverse a €308 million loss in 2015 caused by VW’s diesel emission cheating scandal, which saw VW’s share price plunge 43% to €92 in early October. VW shares peaked at €253 in April 2015 and had already dropped in value by one-third before the cheating was revealed in September.
Porsche SE expects its net profit this year will grow to between €2.1 billion and €3.1 billion as VW emerges from the diesel crisis.
The holding company is negotiating to buy back all or much of the 14.7% of its shares held by Ferdinand Piech as part of a process to remove the former VW chairman from its supervisory board. A successful Piech buyout would not affect the structure of Porsche SE, which is controlled by the Piech and Porsche families, according to the company.
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