Porsche Automobil Holding SE (POAHY.PK, POAHF.PK), the majority shareholder of German automotive giant Volkswagen AG, announced on Tuesday that its group result after tax and non-controlling interests for the first half of the year decreased to €2.2 billion, down from €2.8 billion the previous year.
According to the company, the profit was significantly affected by the performance of its investments in Volkswagen and Dr. Ing. h.c. F. Porsche AG.
The result after tax stood at €2.13 billion, compared to €2.31 billion a year earlier.
Meanwhile, the result before financial items fell to €2.26 billion from last year's €2.46 billion.
For the fiscal year 2024, Porsche SE anticipates a group result after tax between €3.5 billion and €5.5 billion. This outlook was revised downward on July 9 from the previously projected range of €3.8 billion to €5.8 billion.
