BERLIN -- Porsche Automobil Holding SE, the holding company that owns 51 percent of Volkswagen AG's common shares, reported a first-quarter profit on higher earnings at VW and its sports-car business.
Net income was 691 million euros ($1.03 billion), the company said in a statement on Friday. Porsche, which reported quarterly earnings for the first time, did not provide a comparison figure.
Volkswagen group, reported record earnings before interest and tax of 2.91 billion euros on April 27.
Porsche's carmaking division said this week operating profit more than doubled to 496 million euros. The company, which is controlled by the Porsche and Piech families, agreed to combine with VW in August 2009 following a failed attempt by the sports-car maker to acquire its larger rival.
The merger may be delayed until next year because of German investigations into allegations of Porsche share-price manipulation and U.S. lawsuits.
Porsche raised 4.9 billion euros in a rights offering earlier this month. The share sale will be used to cut debt and facilitate the merger with VW. The carmaker said today liabilities at the end of March totaled 7 billion euros. The two companies agreed to merge after Porsche racked up more than 10 billion euros in debt in its failed effort to gain control of VW.
Volkswagen is satisfied with the progress of integration and still sees a 50 percent chance that the deal goes through this year, Hans Dieter Poetsch, chief financial officer at both VW and Porsche, said earlier this week.