Stuttgart - The emissions exhaust scandal that has rocked Volkswagen has taken its toll on the German group's sports car offshoot Porsche.
Porsche said on Tuesday that after-tax profit plunged by about a half to 1.19 billion euros (R18.1bn) in the first nine months from 2.5 billion euros in the same period in 2014.
The profit from investments was negatively impacted by “expenses incurred by the Volkswagen Group in connection with the diesel emissions issue,” said Porsche, which holds a 52.2-percent ordinary shares in the group.
The VW group is battling to overcome a crisis that was sparked by its admission in September that it cheated on emissions tests for its diesel-powered vehicles around the world.
The company revealed last week that the scandal also included testing for carbon dioxide (CO2) emissions in up to 800 000 VW cars.
The scale of the scandal has resulted in the company losing about one third of its value since the affair first emerged in the middle of September.
VW has already signaled that the emissions scandal will result in the group reporting significantly lower profit this year compared with 2014.
Porsche, which holds 30.8 percent of VW's capital stock confirmed that it expects a net profit of between 0.8 and 1.8 billion euros this year - down from 3.03 billion in 2014.
DPA