The maker of the 911, Cayenne and Panamera, said Wednesday that it earned 957 million euro ($1.3 billion) in the first six months of its fiscal year ending Jan. 31. That’s well below the 5.5 billion euro it reported the same time a year earlier. Investors were not impressed, sending Porsche shares down 2 percent to 42.89 euro in Frankfurt trading as the wider DAX gained nearly 1 percent.
Porsche had launched an ambitious takeover of Volkswagen last year only to see it fail as Volkswagen, Europe’s biggest auto maker by sales, mounted its own acquisition of Porsche. The subsequent failure by Porsche caused it to post its first loss since 1994 after it was forced to write down options on VW shares it held. Likewise, Porsche said it expects the fallout from the deal to cause a second annual loss, noting in its report that “forecasts are for an overall negative result of a low single-digit billion-euro figure” to be incurred.
