In the news: Volkswagen’s largest shareholder and recipient of quality auto parts like the Volkswagen window switch, Porsche AG recently confirmed that it made a net profit in the first fiscal half of 2007 due to the gain from its VW stake.
The net profit achieved by Porsche reached 1.14 billion euros or $ 1.5 billion dollars in the semester that ended on January 31. The net profit made by Porsche in January was higher than the preliminary figures of 1.05 billion euros or $ 1.38 billion dollars that it reported during the company’s annual general meeting. It is also higher than the 170 million euros that Porsche has obtained in the same period of the previous year.
Porsche’s stake in Volkswagen, which amounts to 27.3 percent, has brought in more than € 1 billion in profit, while the revaluation of Volkswagen shares held by Porsche has generated another € 520 million. According to Porsche AG, “Since the beginning of our investment in Europe’s largest automotive group about a year and a half ago, Porsche’s share price has increased by 50 percent and Volkswagen’s share price has risen. duplicate. Any initial dubious voices regarding our VW stake have long since faded. “
Porsche has also posted a decline in sales to 3.07 billion euros or $ 4.04 billion from 3.11 billion euros, which is slightly better compared to the initial report in which Porsche sold 39,265 down from 42,230 in the same period of the previous year.
Porsche further stated that the overall 7% decline in sales is primarily due to the model change of the Cayenne SUV. It should be noted that the production of the first generation Cayenne stopped in November 2006, but now there are new models for sale in Europe and Asia. The 911 and Boxster series have continued to be strong in sales, increasing 15.7% and 19.6%, respectively.
The profit before tax obtained by Porsche amounted to 1,590 million euros after registering only a figure of 278 million euros in the period of the previous year. Porsche has also expressed its expectation of exceeding its 2006 pre-tax profit of € 2.1 billion for 2007. “Porsche is more than optimistic for the 2006-2007 fiscal year as a whole than it was at the beginning of the fiscal year. Including The tough market The environment in the US does not overshadow this optimism. Porsche aims to match the previous year’s high level of unit sales and sales revenue with the growth markets in Eastern Europe and Asia by contributing substantially to sales. “.
