Porsche on Thursday revealed a €4.4bn ($6.6bn) pre-tax loss in its past fiscal year, compared with €8.6bn in pretax profit a year earlier. The German sportscar maker had to swallow large writedowns on Volkswagen shares and options after abandoning its audacious and costly takeover attempt of VW this year. Porsche sold most of its remaining VW options package to Qatar this summer, a deal which triggered the hefty writedowns, and warned in July it would face up to €5bn of pre-tax losses on revaluation of VW shares and options.

This entry was posted by Gwen Robinson on Friday, November 13th, 2009 at 4:42 and is filed under Capital markets. Tagged with porsche. Edit this entry.