STUTTGART (dpa-AFX) - Following the withdrawal of its 2020 forecast due to covid-19 pandemic, German auto maker Porsche Automobil Holding SE (POAHY.PK, POAHF.PK) Tuesday said its profit after tax for the first quarter fell to 99 million euros from last year's 1.20 billion euros. The Group said the results reflected 108 million euros of profit from the investment accounted for at equity in Volkswagen AG.
Porsche's revenue for the quarter edged up to 26 million euros from 25 million euros last year.
While the Group has currently withdrawn its forecast due to uncertainty caused by the pandemic, it does expect a positive group result after tax for the fiscal year 2020.
For the first quarter, Volkswagen's profit dropped to 0.5 billion euros from 3.1 billion euros, and revenues slid by 8.3 percent to 55.1 billion euros, due to declines in volumes caused by the pandemic.
Similarly, Volkswagen withdrew its outlook for the fiscal year 2020 in April, but expects revenue to fall significantly below the prior-year level in 2020, as result of the pandemic.
Volkswagen said it also expects volume of global demand for new vehicles in 2020 to be between 15 and 20 percent lower than last year. It also expects a steep decline in the second quarter, followed by a slow market recovery in the remaining quarter of 2020.
Copyright RTT News/dpa-AFX
© 2020 AFX News
