Porsche SE
The company controlled by the Porsche and Piëch families holds a good 53 percent of VW ordinary shares.
(Photo: dpa)
Stuttgart Thanks to the profit of the Volkswagen Group, the parent company Porsche SE earned more. The investment company posted an after-tax profit of 3.3 billion euros between January and September, as the company announced on Tuesday. In the same period of the previous year, the result of PSE was still burdened by a weak VW balance sheet due to the crisis in the auto industry at the beginning of the pandemic. At that time, the result was 437 million euros.
PSE, which is controlled by the Porsche and Piëch families, holds a good 53 percent of VW ordinary shares. There are also other investments, but the business depends for the most part on the development of the VW Group.
The holding company with 36 employees confirmed its forecast for the year as a whole. This will probably be between 3.4 billion and 4.9 billion euros, it said. The forecast was updated at the end of July due to the positive development. Previously, the management around CEO and VW chief supervisor Hans Dieter Pötsch assumed between 2.6 billion and 4.1 billion euros.
In mid-October, the VW holding company announced that it would part with the majority of the software developer PTV Group in Karlsruhe. The British financial investor Bridgepoint is investing in the company. He takes over 60 percent of the shares in the company that develops software for traffic planning from Porsche SE. PSE retains 40 percent of the shares.
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More: Bridgepoint buys software specialist PTV from Porsche SE