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Porsche Slips To Loss In H1, Expects Positive Group Result In FY20; Stock Dips

Porsche Automobil Holding SE (POAHY.PK,POAHF.PK), which holds the majority stake in German auto maker Volkswagen AG, reported Monday that its first-half Group result after tax was a loss of 329 million euros, compared to prior year's profit of 2.38 billion euros.

The result was significantly influenced by the result from the investment accounted for at equity of minus 300 million euros, compared to prior year's plus 2.42 billion euros.

The company said the change in the result from equity accounting was mainly attributable to the decrease in Volkswagen's group result after tax due to the negative impact of the Covid-19 pandemic.

Revenue for the first half was 50 million euros, down from 52 million euros last year.

Looking ahead, Porsche SE said it does expect a positive group result after tax for the fiscal year 2020. The company added that it is currently not possible to make a reliable and realistic forecast.

In light of the Covid-19 pandemic, Volkswagen Group withdrew its outlook in April. Accordingly, Porsche SE also withdrew its forecast for the group result after tax. This decision still applies, the company said.

Further, the board of management and supervisory board of Porsche SE agreed to propose to the annual general meeting the distribution of a dividend of 2.210 euros per preference shares and 2.204 euros per ordinary share.

In Germany, Porsche shares were trading at 51.40 euros, down 1.95 percent.

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