Money Matters, Simplified.
Porsche posts loss; raises forecast
by Jaspreet Virk - June 18, 2010 - comments
Though Porsche Zwischenholding GmbH group managed to grow in new markets and China, its sales fell in both Europe and North America.
Porsche Automobil Holding SE, reported loss after tax of 0.7 billion euro, a figure better than expected. The loss has largely been triggered by deconsolidation of Volkswagen.
The high sales of new Panamera model series, Porsche Automobil Holding SE, has helped Porsche performed well in the first nine months.
The loss for the full year is expected to be less than 1 billion euros, the automaker confirmed.
Favorable performance
The company's holdings' operations perform favorably in the first nine months of the fiscal year.
Porsche Zwischenholding GmbH group, in which Porsche SE holds a 50.1 percent share, reported operating result of 0.6 billion euro.
Evaluating the strong performance by Porsche Zwischenholding GmbH group, Porsche SE reported that consumers have shown a lot of interest in the Panamera models as the company sold 13,906 units.
The groups' revenue increased 11.8 percent compared to 5.2 billion euro achieved in the same period a year earlier.
The Volkswagen group, where Porsche SE has 32.2 percent stake, reported 82.6 billion euro as revenue and 1.5 billion euro as operating result.
High Panamera sales
Evaluating the strong performance by Porsche Zwischenholding GmbH group, Porsche SE reported that consumers have shown a lot of interest in the Panamera models as the company sold 13,906 units.
Among all, the best selling series was Cayenne as Porshe sold 18,932 units.
The Boxster model series witnessed a drop in units sales. Its sales fell 12.2 percent to 7,630 vehicles. Also, the iconic 911 sportscar saw drop in sales to 14,344 units.
Though Porsche Zwischenholding GmbH group managed to grow in new markets and China, its sales fell in both Europe and North America.
In Europe sales plunged 5.1 percent to 18,607 units and in North America they plummeted 17.8 percent to 15,592 vehicles.
Upbeat outlook
Porsche is positive to sell more than 75,238 for the full-year ending July.
The company believes that it is on the right track as far as growth is concerned. It is planning capital increase of 5 billion euros in the first half of 2011.
“Plans are to reach the final stage in creating an integrated automotive group, namely the merger between Porsche SE and Volkswagen AG, following a capital increase,” Porsche statement reads.