Guardian.co.uk – Big gains on derivative bets linked to Volkswagen shares offset a decline in nine-month earnings at Porsche SE’s core sports car business, the heavily indebted holding company said on Friday.

Porsche, scrambling to shore up its tattered balance sheet, blamed lower volumes and revenue as well as investments on its upcoming fourth model line and hybrid powertrain technology but insisted that its returns remained relatively healthy.

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Times of the Internet – Hedge funds have gained ammunition for complaints against German sports car maker Porsche after it said it made almost 400 million euros (514 million dollars) in bets on German blue-chip stocks, a press report said on Monday.

The Financial Times quoted Porsche chief financial officer Holger Haerter as saying that the company had gained 392 million euros in its 2007/2008 fiscal year from trading in options on German stocks, in addition to controversial gains from trades in VW shares.

"We have also arranged share options to generate liquidity. The underlying shares were referring to DAX (Frankfurt blue-chip index) companies and not to Volkswagen," the FT quoted Haerter as telling an annual general meeting.

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