STUTTGART (dpa-AFX) - The VW holding company Porsche SE made less profit in the first half of the year in view of the problems in the VW Group. On balance, the after-tax result fell by almost 8 percent to 2.13 billion euros, as the Stuttgart-based company, which is listed on the Dax, announced on Tuesday. Effects from accounting purchase price allocations for the investment in the sports car manufacturer Porsche AG had a positive impact. By contrast, the investment result in the Volkswagen Group fell. Porsche SE was able to reduce its net debt to 5.0 billion euros by the middle of the year. At the end of March, it had stood at 5.8 billion. The company benefited in particular from the dividends received from VW and Porsche AG. The management confirmed the forecasts for profit after tax and net debt for the year as a whole.

Porsche SE (PSE) is the holding company of the Porsche and Piech families, who own VW, and holds a direct 12.5 percent stake in the sports car manufacturer Porsche AG. It also holds a majority of voting rights in the Volkswagen Group, which in turn holds a majority stake in Porsche AG. PSE's earnings after tax are significantly influenced by the two core shareholdings. Together with the Volkswagen Group, PSE also lowered its earnings forecast for the year at the beginning of July./men/stk