The bad numbers from Volkswagen are also having an impact on Porsche. VW’s largest shareholder makes a triple-digit loss of one million in the first half.
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The $ 1 billion loss at Volkswagen also puts parent company Porsche SE in the red. Profit after tax for the first half fell from 2.38 billion euros the previous year to minus 329 million euros, as the holding company in Stuttgart announced on Monday.
In view of the uncertain future evolution of the coronavirus pandemic, the Group still does not trust itself to make a forecast for the full year. However, a positive result is expected at the end of the year, he said.
Porsche SE (PSE), controlled by the Porsche and Piëch families, owns 53% of Volkswagen’s common shares. The PES slightly increased its participation again in the spring.
Porsche cuts dividend
Although there are still some other investments, the business is largely dependent on the development of the VW Group, which recorded a loss of € 1 billion in the first half of the year.
Like VW, the PSE plans to reduce the dividend for 2019. Only 2.21 euros will be distributed per preferred share and approximately 2.20 euros per ordinary share. It would be 90 cents less than initially expected.
All ordinary shares are held by the Porsche and Piëch families. All other shareholders do not have the right to vote with their preferred shares, but in return receive a slightly higher dividend.