Berlin (dpa) – Volkswagen’s recovery from the heavy toll of the pandemic on the automotive industry drove results at Porsche SE back into the black in the third quarter, the holding company announced on Tuesday.
After the first nine months of 2020, Porsche SE’s profit after tax stood at 437 million euros, compared to 3.52 billion euros in the same period last year, the company, which is VW’s controlling shareholder, said.
In mid-2020, Porsche SE had been 329 million euros in the red.
Tuesday’s results do not take into account dividends due to be paid out to shareholders of VW or Porsche SE, which are scheduled to be disbursed in October and were therefore not included in the third-quarter performance.
Porsche SE says it is still not possible to give a reliable and realistic forecast for the entire year, although it does expect to turn a profit after tax.
Controlled by the Porsche and Piech families, two major dynasties in the German car sector, Porsche SE holds some 53 per cent of Volkswagen’s ordinary shares. Although it has a broad investment portfolio, the holding company is largely dependent on the performance of the Volkswagen Group.
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