Porsche has announced a boost in first 2011 operating profit to EUR1.07bn, up from EUR675m in H1 2010. Sales rose 18.9% to EUR5.22bn on unit volume up 26.3% to 56,272. Deliveries rose 36.8% to 60,659 cars.
Chairman Matthias Mueller said: “Thanks to its very attractive model offering, Porsche is able to benefit from the global high demand for sports cars in the premium segment.” He confirmed a new record sales target of over 100,000 vehicles for the full year.
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CFO Lutz Meschke emphasised high liquidity in the first half. “We were able to finance all investments from our cash flow”, said Meschke. “This is attributable to our high earnings and Porsche AG’s very healthy cost structure. Future vehicle projects are also expected to be financed using our cash flow.”
Porsche said the Cayenne SUV, with 28,405 vehicles sold, more than doubled its half year sales year on year.
The largest sales increase was in China with growth of 47.1%. Growth in Europe was 10.5% and North America volume was up 25.1% to 15,466 units.
Porsche built 64,951 vehicles in the first half, up 45.8%, of which 31,661 were Cayennes.
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