Porsche has posted a first-half net profit of EUR149m (US$212m), bouncing back from a heavy loss after cutting its huge EUR6bn debt to EUR1.5bn thanks to a capital increase worth EUR4.9bn that was finalised in April.
In the same period a year ago, Porsche SE suffered a net loss of EUR1.62bn. The holding company has since benefitted from strong operating results.
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A Porsche statement said it sees a 50-50 chance that an extraordinary meeting of shareholders this year would approve its long-awaited merger with VW. Meetings of both Porsche and VW shareholders are scheduled in December.
A deal would see Porsche become VW’s 10th brand but it has been held up by German investigations of two former Porsche executives suspected of stock price manipulation and by complaints filed against Porsche in the US.
Porsche cautioned that “there is still uncertainty” with regard to the tax framework for the merger.
It added that the effects that several lawsuits against Porsche SE might have on the deal cannot be conclusively assessed now.
The executive board said it felt the merger can be achieved “even after 2011″.
