Belfast Telegraph

UK Website Of The Year

Profits at Porsche affected by the Volkswagen scandal

By Staff Reporter

Published 11/11/2015

A Porsche 911 Carrera S car is presented at the 66th IAA auto show in Frankfurt am Main, western Germany, on September 15, 2015. Hundreds of thousands of visitors are expected to crowd into the massive exhibition halls of Frankfurt's sprawling trade fair grounds from September 19-27 to catch a glimpse of the latest models and high tech innovations. AFP PHOTO / DANIEL ROLANDDANIEL ROLAND/AFP/Getty Images
A Porsche 911 Carrera S car is presented at the 66th IAA auto show in Frankfurt am Main, western Germany, on September 15, 2015. Hundreds of thousands of visitors are expected to crowd into the massive exhibition halls of Frankfurt's sprawling trade fair grounds from September 19-27 to catch a glimpse of the latest models and high tech innovations. AFP PHOTO / DANIEL ROLANDDANIEL ROLAND/AFP/Getty Images

German luxury carmaker Porsche has seen its profits cut by more than half as a result of its shareholding in Volkswagen, which is embroiled in a worldwide diesel emissions scandal.

Porsche, which owns just under a third of Volkswagen's shares, said its net profit slumped to €1.2bn (£848m) from €2.5bn (£1.8bn), due to costs the affair has rung up so far.

Porsche said its profits from investments in its fellow German carmaker were "negatively impacted" due to "expenses incurred at the level of the Volkswagen group in connection with the diesel emissions issue".

Last month Volkswagen admitted installing software designed to cheat diesel emissions tests in 11 million vehicles worldwide, including almost 1.2 million in the UK.

Volkswagen has launched an investigation and appointed a new chief executive and chairman. The carmaker is setting aside funds as it recalls cars and prepares to fight court cases against shareholders and customers. Porsche said full-year profit will range between €800m (£600m) and €1.8bn (£1.3bn).

Belfast Telegraph

Your Comments

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting? customercare@belfasttelegraph.co.uk

Read More

From Belfast Telegraph