Porsche: stock down after H1 loss
(CercleFinance.com) - The Porsche share is down almost 2% in Frankfurt, with Volkswagen announcing a net loss of 329 million euros for the first six months of 2020, compared with a profit of 2.
38 billion euros over H1 2019.
The German group points to the impact of the Covid-19 pandemic and adds that its net liquidity contracted to 505 million euros at the end of June, compared with 553 million euros at the end of December 2019, mainly due to the acquisition of Volkswagen ordinary shares.
While it considers that it is currently impossible to provide any reliable and realistic forecasts, Porsche still expects positive after-tax earnings for 2020, and still plans to end the year with net liquidity of 0.4-0.9 billion euros.
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38 billion euros over H1 2019.
The German group points to the impact of the Covid-19 pandemic and adds that its net liquidity contracted to 505 million euros at the end of June, compared with 553 million euros at the end of December 2019, mainly due to the acquisition of Volkswagen ordinary shares.
While it considers that it is currently impossible to provide any reliable and realistic forecasts, Porsche still expects positive after-tax earnings for 2020, and still plans to end the year with net liquidity of 0.4-0.9 billion euros.
Copyright (c) 2020 CercleFinance.com. All rights reserved.