News
In The First Quarter, Porsche SE Reported A Loss Of About One Billion Euros
Porsche SE recorded a loss of 923 million euros in the first quarter, primarily due to the write-off of the value of its stake in the Volkswagen Group for 1.3 billion euros. That company, based in Stuttgart, nevertheless recorded a slightly smaller loss than in the same period last year, when it was 1.08 billion euros.
The holding company, controlled by the Porsche and Piëch families, has come under pressure from slowing demand in the automotive industry and unfavorable market conditions affecting both Volkswagen and sports car maker Porsche AG.
CEO Hans Dieter Pötsch stated that the company, if write-offs are excluded, made a profit on a consolidated basis and further strengthened its financial structure. “At the same time, the business models that have long successfully supported our key investments now need to be adapted to the new circumstances,” said Pötsch.
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