Porsche earned net profit in the first half of 2007

News: Volkswagen’s largest stakeholder and recipient of high-quality auto parts such as the Volkswagen window switch, Porsche AG earned a net profit in the first half of 2007 from its investment in VW I recently confirmed that I did.

Porsche’s net profit reached € 1.14 billion or US $ 1.5 billion in the half year to January 31st. Porsche’s net profit in January exceeded the provisional value of € 1.05 billion or US $ 1.38 billion reported at the company’s annual shareholders meeting. General meeting. It is also higher than Porsche’s acquisition of 170 million euros in the same period last year.

Porsche’s stake, which is equivalent to 27.3% of Volkswagen, contributed more than € 1 billion in earnings, and the revaluation of Porsche’s stake in Volkswagen provided an additional € 520 million. According to Porsche AG, “Since we started investing in Europe’s largest car group about a year and a half ago, Porsche’s share price has risen 50% and Volkswagen’s share price has doubled. It’s been a long time since the first suspicious voice about holding shares has faded. “

Porsche also recorded sales declined from € 3.11 billion to € 3.07 billion or US $ 4.04 billion. This is a bit better than the first report Porsche sold 42,230 to 39,265 in the year-ago quarter.

Porsche further stated that the overall 7% decline in sales was primarily due to the Cayenne SUV’s remodeling. The production of the first Cayenne was stopped in November 2006, but new cars are being introduced in Europe and Asia. The 911 and Boxster series continued to perform well, up 15.7% and 19.6%, respectively.

Porsche’s pre-tax profit increased to € 1.59 billion, just recording € 278 million in the year-ago quarter. Porsche has also expressed expectations for a 2007 pre-tax profit of € 2.1 billion in 2006. “Porsche is more optimistic than the beginning of the 2006-2007 fiscal year. Even in tough markets, the US environment does not mask this optimism. Porsche contributes significantly to sales. We aim to match the high levels of unit sales and sales revenue of the previous year with the growing markets of East Europe and Asia. “