Porsche Automobil Holding SE, the company which owns the majority share in Volkswagen as well as Porsche badged vehicles, has announced an increase in profits for the first six months of their current business year (August 1, 2008 to January 21, 2009)
Upon closer inspection the startling performance, flying in the face of most of the motor industry, would appear to be from financial trading floors rather than cars sold, as the effect of cash settled share option transactions led to the increase in group profits. Back in October 2008, the price of VW shares was such that Porsche briefly became the largest company in the world based on market capitalisation as hedge funds forced the price per share above 1000 euros.
Turnover in the group fell by 12.8 per cent to €3.04billion, with sales of its cars down 26.7 per cent to 34,266 units. Worst hit was its Boxster series which saw a drop in sales of around 60%, its popular 911 series also saw falling sales but at a lesser rate than the industry and so actually increased market share.
Porsche hope that its new Boxster, Cayman, Cayenne Diesel and all new Gran Turismo Panamera (pictured) will help boost its sales performance during the second half of the business year.
