The German company Porsche SE, which groups the stakes of the automotive companies Porsche AG and VW, revealed today that it reduced profit by 15.6% until March, to €1068 million, compared to the same period last year.
In a statement, the Porsche holding company reported that the investments made in Porsche and Volkswagen yielded the company €1132 million, a value 16.8% lower compared to the previous year, due to the decrease in VW’s contribution to Porsche SE.
Specifically, the dividend income generated by the holding’s investment in VW decreased by 24.3% until March, to €1011 million, while in the case of Porsche AG, it reached €121 million, compared to €24 million in the same quarter of the previous year.
In the first quarter of this year, the group’s net debt remained virtually unchanged at €5800 million, compared to €5700 million recorded in the same period last year.
Porsche SE confirmed the forecasts for the end of 2024, expecting to achieve a profit between €3800 to €5800 million, as well as reducing net debt to a value between €5000 to €5500 million.
Porsche SE reported these financial results after Porsche AG recorded a 34.1% decrease in profit in the first quarter of this year, to €927 million, while VW’s profits fell by 22.4% to €3266 million in the period under review.
