Porsche aims to match last year’s profit in 2013

Article by Christian Andrei, on March 20, 2013

For this year, Porsche AG expects to match last year's profit, according to a statement it made last Friday. Porsche reported 2.44 billion euros ($3.17 billion) as its operating profit in 2012. This is 19% higher than the previous year. Meanwhile, its revenue increased by 27% to 13.9 billion euros. Porsche also said that its net debt fell to 1.87 billion euros at the end of December from 2.58 billion at the end of 2011.

Porsche’s deliveries in 2012 were 22% higher to a record 143,096 vehicles. Meanwhile, its global sales last February climbed 18% to 10,454 cars. Via a statement, Chief Financial Officer Lutz Meschke said that its earnings for 2013 will likely match the figure last year. He added that the division is "cautiously optimistic" about this year.

Porsche intends to achieve a 33% growth in its sales network by 2018 as demand for upscale vehicles rises in China and the U.S. It would also have to grow accordingly with the growing lineup of the brand. CEO Matthias Mueller said that Porsche will make a 200 million euros ($260 million) investment each year to boost the number of dealerships to 1,000 outlets in five years from its existing 750 outlets.

Porsche will expand its range after VW merged with it as a brand last August. Last year, Porsche presented refreshed variants of the Boxster roadster and the Cayman sports car, which are now quicker and lighter and offer better performance. Porsche will unveil the compact Macan SUV in early 2014. Mueller added that its dealerships around the world are growing at a fast pace. He shared that in China, one new Porsche center is opened nearly each month.

Topics: porsche, profit

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