German luxury car maker Porsche said on Wednesday that it expected to suffer a net loss in its current fiscal year even though it turned a profit in the first six months.
In the first half of its 2009/2010 fiscal year which began on July 1, Porsche made a net profit of E871 million ($A1.31 billion) and an operating profit of E329 million ($A493.11 million) as sales rose by 3.7 per cent to 3.16 billion euros.
Porsche, which is 49.9 per cent owned by Volkswagen, sold 33,670 vehicles, a decline of 1.7 per cent from the same period a year earlier.
For the full year, it forecast a net loss of between E1 billion ($A1.5 billion) and E5 billion ($A7.49 billion), "due, among other things, to the deconsolidation of the Volkswagen group as of 3 December 2009 and deconsolidation of the Porsche Zwischenholding GmbH group as of 7 December 2009", a statement said.
Accounting methods would also account for some of the loss, it added.
In addition, Porsche "is not participating in the capital increase planned by Volkswagen for the first half of 2010," the statement said.
VW, which is the biggest European auto manufacturer, plans to raise more money before buying the shares in Porsche that it does not already own sometime in 2011.
AFP
