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Business

Porsche posts multi-million loss due to financial crisis

Text by News Wires

Latest update : 2009-11-25

The financial crisis proved costly for German luxury carmaker Porsche, whose sales figures from the 2008-2009 financial year mark a drop of nearly 25 percent. A failed bid to take over fellow German carmaker and rival Volkswagen added to the damage.

AFP - German luxury car maker Porsche said on Wednesday it hoped to put the crisis in the rear-view mirror next year, after reporting that sales dropped by nearly a quarter in its 2008-2009 financial year.
  
"Porsche is expecting a revival in sales during the year 2010," the firm said in a statement, adding it has particularly high hopes for its new Panamera, a four-seater luxury saloon.
  
The crisis has nonetheless put a skid on Porsche sales, the firm acknowledged, which dropped by 24 percent to 75,238 cars in 2008-2009.
  
Selling 150,000 cars a year remained a "realistic goal," said Michael Macht, a member of Porsche's board.
  
Earlier in the month, Porsche revealed it had slumped to a pre-tax loss of 4.4 billion euros (6.6 billion dollars) that it blamed on write-downs stemming from its stake in Volkswagen.
  
Porsche had made a profit of 8.6 billion euros in its previous fiscal period.
  
The company said the loss over the financial year, which ended in July, reflected its failed bid to take over Volkswagen, its far bigger German rival.

Date created : 2009-11-25

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