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Porsche SE expects higher 2017 profit as VW pushes revamp
March 21, 2017 / 9:05 AM / 8 months ago

Porsche SE expects higher 2017 profit as VW pushes revamp

STUTTGART, Germany, March 21 (Reuters) - Porsche SE , the main shareholder of Volkswagen, expects a jump in profits this year as VW pushes steps to overcome its diesel emissions crisis.

Porsche SE expects its net profit to rise to between 2.1 billion euros ($2.27 billion) and 3.1 billion euros from 1.37 billion last year, it said on Tuesday.

“The VW group is in very robust state,” Porsche SE Chief Executive Hans Dieter Poetsch said. “There is a goal for the 2017 business year to build on the operating success of last year.”

Net liquidity should come to between 1.0 billion and 1.5 billion euros, after 1.3 billion last year, according to the holding company for the Porsche and Piech families which controls 52.2 percent of VW’s voting shares.

$1 = 0.9266 euros Reporting by Andreas Cremer; Editing by Maria Sheahan

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