May 13 (Reuters) - Holding firm Porsche SE PSHG_p.DE, which controls Volkswagen VOWG.DE, on Wednesday reported a 100 million euro ($117 million) drop in its first-quarter adjusted earnings after tax, which amounted to 0.4 billion euros.
"The business models that have served our core investments well for a long time now need to be realigned," the company said in a statement.
($1 = 0.8522 euros)
(Reporting by Simon Ferdinand Eibach in Gdansk, editing by Milla Nissi-Prussak)
((SimonFerdinand.Eibach@thomsonreuters.com;))