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Porsche SE Q1 Group Profit Rises, Backs FY View

German auto maker Porsche Automobil Holding SE (POAHY.PK,POAHF.PK) Friday backed its group profit forecast for the fiscal 2019, after it posted around 20 percent growth in its group profit for the first quarter.

The Group's net profit rose to 1.14 billion euros from last year's 951 million euros. Porsche said it continues to expect group profit for the fiscal year to be in the range of 3.4 billion - 4.4 billion euros.

The Group also said its profit was considerably influenced by the profit from the investment at equity in Volkswagen AG of 1.16 billion euros. As of March 31, 2019, Porsche SE holds 53.1 percent of ordinary shares in Volkswagen AG.

For the first quarter, Volkswagen's profit slid by 0.2 billion euros to 3.1 billion euros, but revenues grew 3.1 percent to 60.0 billion euros.

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