UPDATE 1-VW hedges give Porsche 6.8 bln eur windfall


* Luxury car-maker lands bumper profit thanks to VW hedges * Bets on VW lifts H1 profit to twice sales * Windfall comes from Volkswagen short squeeze (Adds background, detail) FRANKFURT, March 31 (Reuters) - Porsche SE landed a 6.8 billion euro ($8.99 billion) windfall from its share options in Volkswagen during the first half, lifting its pretax profit to more than twice its revenue. The European automotive group said on Tuesday that earnings before tax rose to 7.3 billion euros ...

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