Porsche on Tuesday reported revenues up 18% to 3.89 billion euros ($US4.6 billion) in the nine months to the end of April and forecast a rise in profit for the full year, Reuters reported.
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Publishing nine-month figures for the first time, the world’s most profitable carmaker said, according to the news agency, that unit sales in the first three quarters of its business year rose 13% thanks to the new Cayenne SUV, although sales of the 911 and Boxster sports cars slipped 9%.
Porsche reportedly said profits in the period were higher than a year ago and repeated it was aiming to sell 65,000 cars in the year to the end of July.
“Porsche also expects revenue and profit growth in 2002-03 compared to the previous year, with the company benefiting from its forward-looking currency hedging,” Porsche said in a statement cited by Reuters.
The news agency noted that Porsche has traditionally refused to issue quarterly earnings reports, saying they are of no benefit to shareholders and encourage a short-term business strategy. It continues to report profits only on a half-yearly basis.
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By GlobalDataBut its stock has been one of the worst performers in a weak sector since the start of the year, falling by close to a quarter and under-performing an index of its European peers by 13% as investors fret about falling sales of its sports cars and its exposure to the weak US market, Reuters added.
