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Porsche 9-month profit jumps to low end of 2021 target thanks to Volkswagen - Metro US

Porsche 9-month profit jumps to low end of 2021 target thanks to Volkswagen

A logo is seen on a wheel of a Porsche car during the company's annual meeting in Stuttgard

BERLIN (Reuters) – Porsche SE said on Tuesday its nine-month net income bounced to the lower end of the German automotive group’s full-year guidance thanks to profits from Volkswagen, which recovered after a pandemic-related slump last year.

The holding company controlled by the Porsche and Piech families, which holds a 53.3% stake in Germany’s largest automaker, said its nine-month result after taxes came in at 3.3 billion euro ($3.81 billion).

This exceeds Porsche’s result for the same period last year by almost seven times and comes close to the net profit range of 3.4-4.9 billion euro the group confirmed it expects to reach in 2021.

($1 = 0.8655 euros)

(Reporting by Zuzanna Szymanska, editing by Paul Carrel)

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