BERLIN - Porsche SE, the main shareholder of Volkswagen Group, said first-half net profit plunged 41 percent, reflecting lower earnings at VW, which is grappling with an emissions-rigging scandal.
Net profit in the January-to-June period declined to 980 million euros ($1.09 billion) from 1.65 billion a year earlier, Porsche SE said in a statement today.
Porsche SE is the holding company for the Porsche and Piech families and controls 52.2 percent of Volkswagen's voting shares. It said net liquidity stood at 1.32 billion euros at the end of June and is expected to come in between 1 billion and 1.5 billion euros at the end of the year, keeping to forecasts.
Stuttgart-based Porsche SE reiterated it expects a net profit of between 1.4 billion euros and 2.4 billion euros this year, after posting a 273 million euro loss in 2015.