Porsche expects to post a revenue fall of 14.3% to about EUR3bn for the half year ending 31 January, the sportscar maker said on Friday.
Taking the development of sales by mid-January 2009 as a fundamental indicator, sales in the first half of the business year are expected to have decreased by 27.3% to approximately 34,000 units,” president and CEO Wendelin Wiedeking said at the annual general meeting in Stuttgart.
First-half results will be published in March and will include VW results for the fourth quarter of 2008. The half year report of Porsche Automobil Holding SE will for the first time comprise consolidated accounts, since the share of Porsche Automobil Holding SE in Volkswagen AG, reached 50.76% of VW’s ordinary stock on 5 January 2009, exceeding the 50% threshold for the first time.
Porsche said it expected first-half operating profit at the core sports car business to decline sharply but positive effects from the Volkswagen stake would ensure group pretax earnings grow, Reuters reported.