EARNINGS REPORT

Dieselgate Weighs on Porsche SE

Porsche Source AP 44246799
Porsche SE can't escape the scandal at Volkswagen, of which it owns just over 50 percent.
  • Why it matters

    Why it matters

    Porsche SE’s earnings are dependent on Volkswagen’s health, which has taken a serious hit due to the emissions scandal.

  • Facts

    Facts

    • In the first half of 2016, Porsche SE saw its earnings after tax plummet by €608 million.
    • Porsche SE still projects earnings between €1.4 billion and €2.4 billion for 2016 as a whole.
    • The holding company has €1.3 billion in net liquidity.
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    Audio

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Dieselgate may be nearly a year old, but the pocketbook of Volkswagen’s majority shareholder, Porsche Automobil Holding SE, continues to be hit hard by the diesel emissions scandal.

The holding company, controlled by the Porsche and Piëch families, saw its earnings after taxes plummet by €680 million ($748 million) during the first half of the year to €980 million.

Despite the setback, Porsche SE still projects earnings between €1.4 billion and €2.4 billion for 2016 as a whole, a slight recovery after losing €273 million the previous year.

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