Porsche earns big on VW

[Lmhansen]

Translated from Norwegian newspaper
http://e24.no/boers-og-finans/article2759085.ece#VG

The German car manufacturer made eight times as much trading stocks and options than it did selling cars, says Financial Times website.

Porsche made 6.83 Billion Euro trading VW options in the fiscal year ending in July. In addition, the company has an on-paper earning of 1 Billion Euros on its owner stake in VW.

Analysts are now calling Porsche a "hedgefund" rather than a car manufacturer based on their trading.

The German car manufacturer had a result before taxes of 8.5 Billion Euro, which is a 46% increase from the previous year.

Not so long ago, VW was the largest company in the world, based on market value.

VW took over the top spot from ExxonMobil after the stock price had doubled several times over.

The stock price increase came as a result of Porsche silently had increased its owner stake from around 35% to 74.1%.