Porsche sees profits drop after VW diesel emissions scandal

German luxury carmaker Porsche has seen its profits cut by more than half as a result of its shareholding in Volkswagen, which is embroiled in a worldwide diesel emissions scandal.

Porsche, which owns just under a third of Volkswagen’s shares, said its net profit slumped to €1.2bn from €2.5bn, due to costs the affair has rung up so far.