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Porsche revenue down 12% in 2008-09

Porsche revenue down 12% in 2008-09
AP
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First Published: Wed, Nov 25 2009. 03 40 PM IST
Updated: Wed, Nov 25 2009. 03 40 PM IST
Berlin: Porsche said on Wednesday that its revenue declined by 12% in the past financial year as the economic crisis hit the car market, but said it expects improving sales in the current year.
The sports car maker said revenue totalled €6.6 billion (nearly $9.9 billion) in the 12 months that ended 31 July. Unit sales declined by a sharper 24% to 75,238 vehicles, it added.
The smaller drop in revenue resulted from the fact that higher-value 911 models accounted for a greater proportion of sales than previously, while sales of the more economical Boxster range dropped more sharply, Porsche said.
Porsche said its total car production declined by 27% over the previous financial year to 76,739 vehicles.
The company said its management is “optimistic as to the development of the company” in the current financial year.
Porsche “expects a revival in sales”, it said in a statement, adding that it “can count on an attractive range of products, including the new Panamera, in particular”.
Stuttgart-based Porsche Automobil Holding SE reiterated in its full-year report that it had a pretax loss of €4.4 billion ($6.6 billion) because of costs related to its attempted takeover of Volkswagen AG. That compared with a pretax profit the previous year of €8.6 billion.
It also confirmed that it eked out a net profit of €8.23 million after drawing €1 billion from revenue reserves allowing it to pay out a small dividend.
Porsche initially released those two figures on 12 November.
Porsche accumulated heavy debt in a failed attempt to take over larger auto maker Volkswagen, with which it is now slated to merge.
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First Published: Wed, Nov 25 2009. 03 40 PM IST