Home
News
In Focus
Business
Metro
Nation
World
Sports
Feature
Opinion
View more »Opinion Columns
Wan LixinOpinion deputy editor of Shanghai Daily
Restaurants get off to a quick start thanks to game-changing policies
High service charges on event ticket refunds call for further regulation
Sunday
- Subscribe
Related News
Porsche's 9-month profit drops to US$6.4 bln
Source: Agencies |
June 19, 2009, Friday
|
Online Edition
Online Edition
PORSCHE'S 9-month profit drops to US$6.4 billion
Automaker Porsche SE said today its nine-month profit dropped 15 percent to 4.6 billion euro (US$6.4 billion), excluding its holdings of Volkswagen AG, as the global economic crisis drove down demand for new cars.
The Stuttgart-based luxury carmaker said its sales from Aug. 1, 2008 to April 30 this year and VW's sales in the first three months of 2009 had fallen by a combined 27.6 percent, or 53,635 vehicles, against the same periods a year earlier.
Together VW and Porsche sales came in at 28.4 billion euro for the two periods.
Porsche increased its stake in VW to some 51 percent at the beginning of 2009, and it was the first time the two carmakers reported sales and profits jointly.
In a statement, Porsche said its profits were hurt by falling demand for new cars as a result of the economic crisis.
"In the first nine months of the ongoing fiscal year, the Porsche subgroup could not avoid the downward trend that has overtaken the worldwide automobile industry," the statement said.
Sales of its mainstay 911 dropped 18.2 percent to 20,254 in the nine months ending April 30, while sales of the Cayenne SUV dropped by the largest margin, slipping 46.7 percent to 8,692 vehicles.
High financing costs are also dragging on Porsche. The company carries some 9 billion euro in debt from its recent VW share increase and is looking for an outside investor to pay down that burden.
The prime minister of Qatar confirmed Wednesday that his nation's main sovereign wealth fund is eyeing a stake in Porsche. He refused to disclose the terms of the deal, which he said would be announced in two to three weeks.
Shares of Volkswagen dropped more than 3 percent shortly after markets opened Friday morning in Frankfurt, to 224.29 euro.
Shares of Porsche were trading down 0.2 percent to 44.50 euro.
Automaker Porsche SE said today its nine-month profit dropped 15 percent to 4.6 billion euro (US$6.4 billion), excluding its holdings of Volkswagen AG, as the global economic crisis drove down demand for new cars.
The Stuttgart-based luxury carmaker said its sales from Aug. 1, 2008 to April 30 this year and VW's sales in the first three months of 2009 had fallen by a combined 27.6 percent, or 53,635 vehicles, against the same periods a year earlier.
Together VW and Porsche sales came in at 28.4 billion euro for the two periods.
Porsche increased its stake in VW to some 51 percent at the beginning of 2009, and it was the first time the two carmakers reported sales and profits jointly.
In a statement, Porsche said its profits were hurt by falling demand for new cars as a result of the economic crisis.
"In the first nine months of the ongoing fiscal year, the Porsche subgroup could not avoid the downward trend that has overtaken the worldwide automobile industry," the statement said.
Sales of its mainstay 911 dropped 18.2 percent to 20,254 in the nine months ending April 30, while sales of the Cayenne SUV dropped by the largest margin, slipping 46.7 percent to 8,692 vehicles.
High financing costs are also dragging on Porsche. The company carries some 9 billion euro in debt from its recent VW share increase and is looking for an outside investor to pay down that burden.
The prime minister of Qatar confirmed Wednesday that his nation's main sovereign wealth fund is eyeing a stake in Porsche. He refused to disclose the terms of the deal, which he said would be announced in two to three weeks.
Shares of Volkswagen dropped more than 3 percent shortly after markets opened Friday morning in Frankfurt, to 224.29 euro.
Shares of Porsche were trading down 0.2 percent to 44.50 euro.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
