Porsche Automobil Holding SE (PAH3.XE) said Monday it swung to a EUR155 million after-tax profit in the first three months of its fiscal year after suffering a EUR431 million loss in the same period a year earlier, and it reiterated that full-year earnings are expected to be positive in 2011.

In a statement, the German automaker noted, however, that last year's figures include the full consolidated earnings from Volkswagen AG (VOW.XE) and Porsche Zwischenholding GmbH, which makes a direct comparison difficult. Porsche's fiscal year started Aug. 1.

Porsche Holding, which controls a 51% stake in Volkwagen, in the meantime has sold a 49.9% stake in its core sports car operations to Volkswagen as a first step of a complex merger between the two companies.

-By Christoph Rauwald, Dow Jones Newswires; +49 69 29 725 512; christoph.rauwald@dowjones.com
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