Porsche stake weighs down Volkswagen Q1 earnings

Newswire

FRANKFURT, April 29 (Reuters) - Volkswagen's first-quarter earnings were weighed down by a loss on its stake in iconic sports car maker Porsche AG , VW's finance chief said on Thursday. The Wolfsburg-based maker of the VW Golf accounts for its 49.9 percent stake in Porsche at equity, meaning it books the share of profits or losses at Porsche correlating to the size of its stakeholding. The 3.9 billion euro ($5.2 billion) acquisition cost from December 2009 for the Porsche stake is ...

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