💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

UPDATE 1-Porsche FY unit sales drop outpaces revenue decline

Published 09/15/2009, 04:08 AM
Updated 09/15/2009, 04:12 AM
PSHG_p
-

* Sales revenue falls 12 percent to 6.6 bln euros in FY

* Unit sales down 24 percent to around 75,200 vehicles

* "Cautiously optimistic" about 2010 - Porsche AG CEO

(Adds quotes, background)

FRANKFURT, Sept 15 (Reuters) - The head of Porsche's core sports car business said he was warily upbeat about a rebound in 2010 after unit sales sank nearly a quarter -- twice as fast as revenue -- in the fiscal year to the end of July 2009.

"Even though the next few months should remain difficult, we are cautiously optimistic about the year 2010," Michael Macht said in a statement on Tuesday.

Preliminary results showed unit sales at the Porsche AG sports car business contracted 24 percent to around 75,200 vehicles in the past fiscal year while sales revenue fell 12 percent to around 6.6 billion euros, the company said.

Porsche shares eased 0.4 percent to 48.831 euros by 0800 GMT while the DJ Stoxx European car sector index slipped 0.7 percent.

Porsche SE is selling a 42 percent stake in Porsche AG, its healthy sports car business, to Volkswagen for 3.3 billion euros as part of a multi-stage deal to integrate the two companies by 2011. (Reporting by Michael Shields and Edward Taylor)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.