Porsches first-half revenue down 3.3 percent to 2.9 billion euros

Article by Christian Andrei, on August 29, 2010

Deliveries of Porsche AG's new coupe-styled four-door Panamera failed to offset the waning demand for the Cayenne and 911 models, possibly resulting to the quick decline of its first-half revenue.

However, volume drops of 40% in the fiscal first quarter that ended October 31 were cut to only 3% by the end of the first six months. In remarks prepared for delivery to shareholders on Friday, Porsche Automobil Holding SE CEO Martin Winterkorn pointed out an upwards trend.

And for this reason, Porsche is forecasting its unit sales for the fiscal year 2009/10 to be slightly higher than those for the prior year.

For the 2008-2009 fiscal year, Porsche sold 75,238 vehicles worldwide. Sales of the high-margin 911 sports car fell 45% to 7,400 units, leading to the brand's revenue and leading overall retail sales to plunge 3.1%.

Even as the new Panamera resulted to Porsche gaining about 8,200 units in volume, revenues still dropped by 3.3% to 2.9 billion euros ($4.07 billion).

Having a 3.6 billion euro after-tax loss in its last fiscal year, Porsche SE used up its retained earnings so it could post a minimal profit based on German accounting standards.

Topics: porsche, profit

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