Investing.com -- Porsche Automobil Holding SE (ETR:PSHG_p) said on Friday that it was withdrawing its earnings forecast for the 2024 financial year, as it anticipated non-cash impairment losses on its investments in Volkswagen AG (OTC:VWAGY) and Porsche AG (ETR:P911_p).
The impairment is estimated at up to €20 billion for Volkswagen (ETR:VOWG_p) investment.
“The Board of Management expects that Porsche SE’s group result after tax for the 2024 financial year will be significantly negative,” company said in the statement
Porsche SE earlier had projected a group result after tax in the range of €2.4 billion to €4.4 billion for 2024.
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