Porsche Holding profit rises

Stuttgart based Porsche Automobil Holding SE (Porsche SE) has reported group profit of EUR2.20bn for the period from 1 January to 30 September 2017. This compared with EUR1.64bn for the same period of 2016, a rise of 34%.

Porsche SE said group profit was "significantly influenced" by Volkswagen profit of EUR2.26bn, up from EUR1.69bn.

In a statement, the company said: "Based on the current group structure, in particular on the basis of the Volkswagen Group's expectations regarding its future development and the uncertainty surrounding possible special items in connection with the diesel issue, Porsche SE still expects a group profit of between EUR2.1bn and EUR3.1bn for fiscal year 2017."

The Porsche sportscar and SUV maker itself boosted operating profit 5% year on year to EUR3.0bn on revenue up 4% to EUR17.1bn in the first nine months of 2017.

Profit margin was 17.6% and unit sales increased 4% to 185,898.

Finance chief Lutz Meschke said the high level of spending on both electromobility and digitalisation "poses a great challenge".

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