Porsche SE has booked an after tax loss of EUR329m euro for the first six months of 2020 which compares with the EUR2.38bn a year ago.

The group booked a EUR300m loss on its Volkswagen Group investment "due to the negative impact of the COVID-19 pandemic".

Porsche SE net liquidity decreased to EUR505m by 30 June 2020 (31 December 2019: EUR553m) due to cash outflows primarily from the acquisition of ordinary shares in Volkswagen and operating holding expenses. This was partly counterbalanced by cash inflows from income tax refunds including interest.

With revenue of EUR50m (prior year: EUR52m), the Intelligent Transport Systems (ITS) segment, comprising the development of smart software solutions for transport logistics, traffic planning and traffic management, generated an after tax loss of EUR11m (prior year: EUR4m loss). The development was attributable mainly to lower other operating income as well as higher personnel expenses.

No new forecast on the group result after tax was possible.

"It is currently not possible to make a reliable and realistic forecast. However, the Porsche SE Group does expect a positive group result after tax for the fiscal year 2020," it said in a statement. 

Forecast on the group net liquidity of Porsche SE remained unchanged and is expected to range between EUR0.4bn and EUR0.9bn euro as of 31 December 2020, not taking future investments into account.