Porsche logs EUR1.29 billion in first-half operating profit

Article by Anita Panait, on August 4, 2013

German sports car maker Porsche AG saw its operating profit soar by 3 percent in the first half of 2013 to EUR1.29 billion. The carmaker also saw its sales surge by 4 percent in the January-July period to EUR7.03 billion as its deliveries rise 18 percent to 81,565 vehicles. Lutz Meschke, Chief Financial Officer of Porsche AG, was very satisfied with the carmaker’s half-year results as the economic situation in Europe remains in critical condition.

Meschke underscored Porsche’s earning power as reflected in its high return on sales of 18 percent. He remarked that through growth and cost discipline, they were able to compensate substantial expenditures for the development of new models like 918 Spyder and the Macan, which production is expected to commence this year.

Meschke remarked that those expenditures have yet been offset by corresponding vehicle sales in the current fiscal year, which will only be realized in 2014 when the new models are sold. According to Meschke, Porsche is targeting to post a 2013 result that matches its figures in 2012. Porsche President and chief executive Matthias Mueller remains optimistic for the carmaker in the second half of 2013.

The carmaker is expecting to make a second-half salvo with new models like the 911 GT3, 911 Turbo and Turbo S as well as the '50 Years 911' exclusive special model. Porsche is launching the new generation of the Panamera that includes the Panamera S E-Hybrid.

Topics: porsche, profit

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