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Porsche Turns To Hefty Profit In H1; Backs FY21 Earnings View

Porsche Automobil Holding SE (POAHY.PK,POAHF.PK), which holds the majority of stake in Volkswagen AG, reported Tuesday that its first-half group result after tax was 2.46 billion euros, compared to minus 329 million euros in the prior year.

Of this, 2.467 billion euros were related to the PSE segment, significantly influenced by the result from the investment in Volkswagen that accounted for at equity of 2.51 billion euros. The PSE segment's last year's loss was 318 million euros.

In the Intelligent Transport Systems or ITS segment, result after tax was minus 3 million euros, narrower than prior year's minus 11 million euros. Sales revenue increased to 53 million euros from last year's 50 million euros.

Looking ahead, Porsche maintained its recently updated earnings forecast for the fiscal year 2021. The now expects a group result after tax of between 3.4 and 4.9 billion euros. It was updated after Volkswagen revised upwards its outlook for the year.

Porsche SE's forecast for the group net liquidity remains unchanged between 0.4 and 0.9 billion euros as of 31 December 2021.

The company said, "Uncertainties exist with regard to the Covid-19 pandemic, operational risks, e.g. the shortage of semiconductors, as well as potential additional special items in connection with the diesel issue, all leading to ongoing severe constraints in the reliability of the forecast."

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