Porsche SE, the anchor shareholder of VW and Porsche, saw its first-quarter profit decline due to falling results from its core holdings. Adjusted group profit after tax shrank by a fifth to 400 million euros, the DAX-listed company announced on Wednesday. Including non-cash impairments on VW and Porsche, the net loss narrowed to 0.9 billion euros from 1.1 billion euros a year earlier. 'The start of the fiscal year is in line with our expectations,' stated CEO Hans Dieter Poetsch. He noted that the long-successful business models at VW and Porsche must be realigned, adding that intelligent solutions to sustainably strengthen competitiveness and profitability must be consistently implemented.

(Reporting by Ilona Wissenbach, edited by Myria Mildenberger. For inquiries, please contact the editorial team at frankfurt.newsroom@thomsonreuters.com)