Thursday, April 28, 2011

Porsche revenue jumps on greater sales of revamped Cayenne

STUTTGART, Germany (Bloomberg) -- Porsche SE's car-making division reported a first-quarter revenue acquire after a revamp of the Cayenne boosted demand for the game-utility vehicle.

Earnings before interest and tax "more than doubled" to 496 million euros ($728 million), the Stuttgart, Germany-primarily based firm said in a press release right now, without providing a yr-earlier figure.

Gross sales rose 10 % to 2.28 billion euros.

Luxury automobile makers, together with BMW AG and Mercedes-Benz, are anticipating report demand this yr, boosted by growing wealth in China and a rebound in spending in the U.S. market.

Porsche, which is combining with Volkswagen AG, aims to double global sales to about 200,000 cars by 2018 by adding fashions such as a compact SUV and growing sales in emerging markets.

Sales of the Cayenne, Porsche's finest-promoting model, elevated 62 % to 11,487 vehicles in the first quarter. Last year, Porsche launched the third generation of the model.

Deliveries of the four-door Panamera fell 5.5 percent to 4,715, whereas demand for the 911 sports car declined 17 p.c to 4,750.

Porsche AG, the automobile-making unit, released first-quarter outcomes for the primary time after shifting to calendar-12 months reporting to align its operations with VW.

Porsche's fiscal year previously ended on July 31. Porsche SE, which offered 49.9 percent of the car-making enterprise to VW, raised 4.9 billion euros in a share providing earlier this month.

The share sale can be used to chop debt and facilitate the merger with VW. The 2 firms agreed to merge in 2009 after Porsche racked up more than 10 billion euros in debt in its failed effort to realize management of VW.

Porsche SE holds 51 percent of Volkswagen's voting shares. The merger, which was slated for the second half, will probably be delayed till subsequent year because of German authorized obstacles, including an investigation into share-worth manipulation allegations, Porsche mentioned in February.


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