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Porsche 9-month profit jumps to low end of 2021 target thanks to Volkswagen -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO A Porsche logo can be seen on a Porsche car’s wheel during its annual meeting, held in Stuttgard (Germany), May 13, 2015. REUTERS/Ralph Orlowski

BERLIN, (Reuters) – Porsche SE reported Tuesday that the nine-month net income of its German automobile group rose to the lower part of their full-year guidance. The reason for this was profits from Volkswagen (DE), which rebounded after a pandemic-related slump in last year.

Porsche and Piech family control a 53.3% share of the holding company. It reported a nine-month net result after taxes at 3.3 billion euros ($3.81 billion).

It is almost seven times greater than Porsche’s results for the same period in 2013 and closes the range of net profits between 3.4 to 4.9 billion euros that the group has confirmed it will reach by 2021.

($1 = 0.8655 euros)

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