Home News Porsche posts 40% jump in nine-month operating profit

Porsche posts 40% jump in nine-month operating profit

by uma
Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
gawdo

BERLIN (Reuters) -Porsche reported a 40.6% leap in operating profit to more than 5 billion euros ($4.99 billion) on revenue up 15.7% in the luxury carmaker’s first results since its stock market listing in late September.

The company reported an 18.9% return on sales and confirmed its full-year guidance for a 17-18% return, with a mid-term target of 17-19% and long-term target of 20%.

Deliveries were up only 2% to a little more than 221,500 vehicles, with exchange rate effects helping to boost profitability per car.

“The third quarter of 2022 was quite volatile and challenging from a political, economic and social perspective. Nevertheless, we were able to successfully list Porsche and get off to a flying start,” said finance chief Lutz Meschke.

Porsche, a huge money spinner for the Volkswagen group, overtook its former parent as Europe’s most valuable carmaker after the listing. Its shares stood at 99 euros by Thursday’s close, up from a listing price of 82.50 euros.

Oliver Blume, chief executive of both companies, said the listing would increase Porsche’s freedom as a business while providing Volkswagen with much-needed funds for its electrification drive.

In the short term the cost of the listing and the impact of suspending business in Russia has pushed down Volkswagen’s third-quarter earnings by 1.6 billion euros, results released on Friday showed.

($1 = 1.0030 euros)

(Reporting by Victoria WalderseeEditing by Rachel More and David Goodman)

 

www.gawdo.com

You may also like