Porsche boosts nine-month profit as VW surges

Porsche Automobil Holding SE (Porsche SE) booked group profit of EUR2.67bn euro for the first nine months of 2018, a rise of 25% year on year.

Profit from the automaker's VW investment rose to EUR2.74bn from EUE2.2bn a year earlier.

Liquidity improved over the nine months and Porsche SEnow expects full year 2018 profit of EUR2.5bn and EUR3.5bn.

It had originally expected group profit between EUE3.4bn and EUR4.4bn but costs related to VW's 'diesel issue' plus emerging time lags regarding tax compensation claims against Volkswagen AG saw the forecast adjusted in October 2018.

"This forecast still considers in particular the expectations of Volkswagen AG regarding its future development and the uncertainty surrounding possible special items in connection with the diesel issue," Porsche said in a statement.

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