Porsche has said that it has increased group profit in the first six months of its the current 2008/09 business year (August 1, 2008 to January 31, 2009), helped by VW share dealings.
However, it also said operating results at Porsche dropped in line with the development of turnover, the operating margin generated is still in double digits despite increased development costs for the Gran Turismo Panamera and for the hybrid drive of the Cayenne.
Turnover at Porsche Automobil Holding SE fell in the first half-year by 12.8% to EUR 3.04 billion.
Sales decreased by 26.7% to 34,266 units.
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Porsche said the relatively better performance of turnover versus unit sales reflected a better model mix with a higher proportion of 911 sales and fewer Boxsters.
In Germany, Porsche sold 4,152 vehicles in the first six months of the 2008/2009 financial year, which compares with 5,630 units in the comparable reporting period of the prior fiscal year. In North America, Porsche achieved sales of 11,998 vehicles (16,209 in the prior year); in the rest of the world, this figure was 18,116 units (24,897 in the prior year).
Porsche said it feels ‘well equipped to hold its own’ in an economic environment that has become ‘very difficult’.
Discussions with the banks to replace the existing credit line of EUR10bn expiring end of March are well on track, it said.
