Porsche sees sales falling in fiscal 2009

Germany's Porsche Automobil Holding expects its car sales to decline in the fiscal year 2008/09 as the global economic crisis hurts demand around the world.
 
"Throughout the world, the portents of a severe breakdown in demand in the automotive industry are unmistakable," the company said on Thursday.
 
Revenue in the first four months of the current fiscal year fell 9.7 percent to 2.15 billion euros ($3.1 billion), while unit sales were down 18.7 percent at 25,016 vehicles.
 
Porsche is counting on the launch next year of its first four-door sports car, the Panamera GT, to fuel growth.
 
In its 2007/08 fiscal year, Porsche's earnings before tax rose by nearly half to 8.57 billion euros, surpassing revenue growth thanks to higher-than-expected gains from Volkswagen stock hedges, it said last month.
 
Porsche shares rose 5.1 percent to 50.83 euros by 15:27 CET while the DJ Stoxx car sector index was up 2.7 percent.
 
Porsche has raised its overall stake in VW's class of voting stock to 42.6 percent and has said it plans to increase this to 75 percent sometime next year, if conditions are favorable.
From: Automotive News Europe

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