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Porsche Quarterly Operating Profit Jumps 22%
Porsche AG posted a €732 million operating profit in the second quarter of this year compared to €599 million in the same period of 2011.
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Porsche AG posted a €732 million operating profit in the second quarter of this year compared to €599 million in the same period of 2011.
Revenue grew 27% year over year to €3.7 billion in the April-June period. Sales jumped 18% to 38,700 units. Operating margin shrank to 19.6% from 20.4%.
In the first half, operating profit jumped 21% to €1.3 billion, and revenue climbed 29% to €6.8 billion. Porsche remains among the world's most profitable carmakers even though its operating margin narrowed to 18.7% from an estimated 20% a year earlier.
Worldwide vehicle sales rose 23% to 68,900 units in the first six months of 2012, propelled by a 43% surge to 14,400 units for the new generation of the flagship 911 sports car.
The U.S. remains Porsche's market with sales of 16,900 vehicles in the first half, followed by China at 15,600 units and Germany at 8,300 units.
For the full year, Porsche affirms its target of boosting sales 10% from last year's 117,00 units. The company also expects to boost operating profit this year by an unspecified amount from last year's €2.1 billion despite higher development and structural costs for new models.
Volkswagen AG plans this week to purchase the 50.1% of the sports car maker that it doesn't already own for €4.5 billion.
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