Porsche holding out for a slight rise in unit sales
By Andrew C., 29 Aug, 2010. 0 Comments
Bearing high hopes for the new Panamera model, Porsche Automobil Holding SE revealed that it is holding out for a slight rise in unit sales in its current fiscal year, after the company swung to a quarterly loss.. Porsche‚ sales had dropped since late 2008.
Porsche says now that the fourth series from Porsche “will ensure that the sales figures of Porsche will not only stabilize but will overall rise slightly again in the fiscal year 2009/10.” Excluding its majority stake in Volkswagen AG, Porsche incurred a 200 million euro ($290 million) pretax loss in the first three months of its fiscal year 2009-2010 (from August to October). This is comparable to a 3.2 billion pretax profit a year earlier, inflated at the time by trade gains from options on VW shares. For the full fiscal year, Porsche said it predicts a low single-digit billion euro loss, as it is compelled to take a slide in the market value of its stake in VW on its records. The shares closed 2.2% lower at 43.63 euros. Quarterly revenues without VW fell 30.5% to 1.1 billion euros while unit sales dropped 39.6% to 11,385 cars.
[via autonews - sub. required]
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