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(AWP Alliance News) - Porsche SE, the biggest shareholder in Volkswagen, reported a net loss of ?2.8 billion ($3.1 billion) in the first nine months of the year, in line with expectations, the company said on Tuesday.
The investment holding company controlled by the Porsche and Piëch families reported a net profit of ?1.2 billion in the same period a year earlier.
The losses were mainly driven by reduction in value related to its stake in Volkswagen. The company also took a hit on its adjusted group result.
This figure is essentially adjusted for write-downs and special items at its core holdings. It fell from ?1.6 billion to ?0.9 billion, a drop of just over 40%.
Performance at Volkswagen and luxury sports carmaker Porsche AG is key to Porsche SE's results. Both are struggling with difficult market conditions, particularly in China and the upheaval in the car industry.
Pötsch calls for faster cost-cutting
"The Volkswagen Group's quarterly results clearly show that the agreed measures to strengthen competitiveness, reduce costs and sustainably improve profitability must be implemented swiftly," said Porsche SE chief executive Hans Dieter Pötsch.
Pötsch is also chairman of the supervisory board at the Volkswagen Group. He confirmed the annual forecast for Porsche SE, which was lowered in September.
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