Porsche chief executive Wendelin Wiedeking has said that profits this year should be better than might be expected.
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“The net result will be as forecast but our shareholders will once again be happy all round,” he told a conference.
According to a German press agency, there is speculation Porsche’s results for fiscal 2007/8 (year ending 31 July 2008)will show profits higher than its turnover due to its Volkswagen shareholding.
In fiscal 2006/7, Porsche reported pre-tax profit of EUR5.85bn. Net profit was EUR4.24bn and turnover around EUR7.4bn.
Wiedeking said Porsche hopes to raise its VW stake to more than 50% by the end of the year.
He reiterated that Porsche was protecting Volkswagen from a hostile takeover.
“VW was in big danger of being taken over by a hedge fund. We know that.”
