Porsche Automobil Holding SE (Porsche SE) has reported first quarter group profit of EUR986m, a 49% rise versus EUR661m a year ago.

“This result was significantly influenced by the profit from the investment accounted for at equity in Volkswagen AG of EUR1.01bn,” the holding company said in a statement.

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That compared with EUR674m in Q1 2016.

Net liquidity was EUR1.28bn on 31 March 2017 versus EUR1.30bn at the end of 2016. The equity of the Porsche SE Group increased to EUR29.14bn from EUR27.89bn on 31 December.

Porsche SE said: “Based on the current group structure, in particular on the basis of the Volkswagen Group’s expectations regarding its future development and the existing uncertainties with regard to possible special effects in connection with the diesel issue, Porsche SE continues to expect a group profit for the year of between EUR2.1bn and EUR3.1bn for fiscal [calendar] year 2017.

“Porsche SE continues to aim to achieve – not taking future investments into account – net liquidity of between EUR1.0bn and EUR1.5bn as of 31 December 2017.”

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