Open

Coming up

Don't miss

Replay


LATEST SHOWS

WEB NEWS

Connected toys are a must-have for Christmas

Read more

WEB NEWS

Web users react to Cuba and the US normalizing relations

Read more

REPORTERS

Argentina: The Kirchner era

Read more

AFRICA NEWS

Tunisia presidential elections: Final day of campaigning ahead of Sunday's vote

Read more

FRANCE IN FOCUS

Holiday season: celebrating a secular Christmas

Read more

#THE 51%

Are toys really us?

Read more

ENCORE!

Child brides, the people of Syria and New York’s homeless

Read more

FOCUS

Video: Pakistan in mourning after school massacre

Read more

AFRICA NEWS

Kenya: Security law approved despite disruptions in Parliament

Read more

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

COMMENT(S)