Porsche Automobil Holding SE (Porsche SE) said first quarter group profit rose to EUR1.14bn from EUR0.95bn a year ago, an increase of around 20%.
As usual, Q1 profit was "significantly influenced by the profit from the investment" in Volkswagen AG of EUR1.16bn (EUR0.97bn in Q1 2018).
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The Intelligent Transport Systems (ITS) segment, which develops smart software for transport logistics, traffic planning and traffic management, increased revenue to EUR25mversus EUR18m the previous year.
But "negative effects from the purchase price allocation" saw it book a EUR4m loss although that improved on Q1 2018's EUR6m in red ink.
Porsche SE net liquidity was EUR527m euro on 31 March 2019 compared to EUR864m on 31 December 2018 due to acquisition of further ordinary shares in Volkswagen AG in the quarter as it acquired 0.7% of ordinary shares in capital market transactions at a cost of EUR311m. It now holds a stake in VW.
"Based on its current group structure, the Porsche SE group continues to expect a group profit for fiscal year 2019 of between EUR3.4bn and EUR4.4bn," the company said in a statement.
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By GlobalData"The goal of the Porsche SE Group to achieve positive net liquidity remains unchanged.
"This is expected to be between EUR0.3bn and EUR0.8bn as of 31 December 2019, not taking future investments into account."
