Ouch! Porsche SE posts €4.4 billion loss after failed Volkswagen takeover | Rpmgo.com



Think you’ve got it back during the recession? Well it’s nothing compared to what Porsche had in the 2008-2009 fiscal year, after its parent company, Porsche Automobil Holding SE posted a loss of €4.4 billion ($6.6 billion).

Responsible for such a lost is the failed takeover of Volkswagen AG, as the company was borrowing money left and right in order to buy a majority claim in its German rival. As you all know, the move backfired and Porsche was forced to merge with VW last summer in order to prevent any damages to its car division.

Speaking of car division though, the corporation did say that Porsche AG “remains the world’s most profitable automaker,” claiming that its profit margin in in the double-digit area, something with which not a lot of carmakers can boast.

Hopefully this financial loss won’t affect the quality of the cars coming out of the assembly lines and the merger with VW will yield some great results, both in terms of finance and new models (some of which you can check out here).

Source: WorldCarFans

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Post tags : financial-results, Porsche, Volkswagen