Porsche 9-month net plunges on VW scandal costs

Porsche profit hit by VW scandal

Porsche, Volkswagen's majority shareholder, said nine-month net profit plunged by more than half on costs of the diesel emissions scandal.

Net profit slumped to 1.19 billion euros ($1.28 billion) from 2.5 billion a year ago said Porsche SE, which owns 52.2 percent of VW's common shares.

Porsche last month already cut its guidance as a result of the diesel emissions scandal affecting around 11 million VW group vehicles.

The company, which now owns 30.8 percent of VW's capital stock, kept its new guidance on Tuesday, forecasting a net profit of between 0.8 and 1.8 billion euros this year, after 3.03 billion in 2014.