(RTTNews) – Porsche Automobil Holding SE (POAHY.PK, POAHF.PK), which holds the majority stake in German auto maker Volkswagen AG, reported Monday that its first-half Group result after tax was a loss of 329 million euros, compared to prior year’s profit of 2.38 billion euros.
The result strongly influenced the result of the investment in equity of less than three hundred million euros, compared to last year plus 2.42 million euros.
The company stated that the substitution in the equity result was mainly due to the minimisation of the Volkswagen Group’s after-tax revenue source due to the negative effect of the Covid-19 pandemic.
Revenues in the first half amounted to 50 million euros, to 52 million euros last year.
Despite the Covid-19 pandemic, the Volkswagen Group withdrew its in April. As a result, Porsche SE also withdrew its after-tax group profit forecast. That resolution still applies, the company said.
In addition, the board of Porsche SE and its advisory director have agreed to propose at the annual general meeting the distribution of a dividend of 2,210 euros consistent with the desired coherent percentage and 2,204 euros consistent with the inconsistent percentage not unusual.
In Germany, Porsche shares were trading at 51.40 euros, down 1.95 percent.