GERMANY: Porsche profits boosted by 911
Porsche has announced a 10% increase in pre-tax profit for the first half of its fiscal year. Profits were boosted by strong sales of the Porsche 911.
F. Porsche AG will record a Group profit of approximately 154 million Euro for the first six months (August 1, 2001 to January 31, 2002) of its current fiscal year, 10.2% higher than the figure for the same period a year previously (139.7 million Euro).
Since the level of tax is now lower on account of the corporate taxation reform, the profit after tax (87.8 million Euro) exceeds the previous year's figure (69.1 million Euro) by 27 %.
According to the provisional figures, Group turnover rose by 6.3% to approximately 1.83 billion Euro compared with the first half of the previous fiscal year.
Sales are expected to have risen by 0.7% in the first half, comprising 13,090 Type 911 cars (up by 15.5%) and 10,280 Boxsters (down by 13.4%).
Total vehicle output will probably be 25,100 units (up by 1.5%), including 10,529 Boxsters assembled in Finland (up 3.6%).
The company said in a statement that there is 'strong demand from all over the world for both model lines, and in particular for the new 911.'
The company takes an upbeat line on prospects for full year sales saying that: 'Even if sales in the 2001/2002 fiscal year fail to match the previous year's total on account of uncertainties affecting the global economy, the company expects its pre-tax result to be at least equal to the previous year's figure in view of the improved model mix with its trend toward higher-value sports cars.'