Cayenne and Panamera help Porsche triple its profit

Article by Christian Andrei, on March 17, 2011

Porsche tripled profits in its shortened 2010 fiscal year as deliveries of the Panamera sedan and Cayenne SUV rose. Porsche AG said in an e-mailed statement that its earnings before interest and tax for the August to December period increased to EUR688 million ($960 million) from EUR227 million a year earlier.

Five-month revenue jumped 59 percent to EUR3.87 billion. CEO Matthias Mueller seeks to double global sales to about 200,000 cars and SUVs by 2018 by using resources at Volkswagen AG following a planned combination with Europe's largest automaker.

On Feb. 28, 2011, Porsche said its five-month deliveries rose 57 percent to 40,446 vehicles. Daniel Schwarz, a Commerzbank AG analyst in Frankfurt, had said that Porsche is “blessed with rising demand from around the world,” adding that production is nearing capacity limits.

Five-month sales of Porsche’s best-selling model - the Cayenne - doubled to 20,770 SUVs following the introduction of the third generation of the model in 2010. Deliveries of the four-door Panamera increased 44 percent to 9,385, while the 911 model jumped 13 percent to 6,255.

Porsche's next model, the Cajun compact SUV, will be patterned after VW's Audi Q5 model and will be sold starting around 2014. Porsche’s supervisory board is set to meet and will vote to build the Cajun at Porsche's Leipzig factory, a person familiar with the matter said last month.

Porsche’s fiscal year ended on July 31, 2010. The carmaker is reporting five-month results to shift in 2011 to calendar-year reporting to align its operations with VW. [via autonews]

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