Porsche: Profits dip comparatively moderately
Porsche confronts the effects of the coronavirus crisis in the first three months of 2020.
The company’s operating result fell by 34 percent at €0.6 billion as compared to the previous year. The return on sales was 9.5 percent. Lutz Meschke, Deputy Chairman of the Executive Board at Porsche AG and Member of the Executive Board responsible for Finance and IT: At €6 billion, the company was even able to achieve a slight increase in sales revenues as compared to the previous year. This was due to a positive model mix, and the business units besides the car business also developed positively. As a result of the coronavirus crisis, a drop in volume and costs related to continued high investments in electrification and digitalisation both worked against the positive developments.
The global corona crisis is a major challenge for Porsche. It is important to maintain an essentially optimistic overall approach and systematic management, so that when the crisis is over work can be resumed at full speed. We are committed to our investments in the future in terms of electrification and the digitalisation of our cars, says Oliver Blume, Chairman of the Executive Board of Porsche AG.
Now we are concentrating completely on managing costs, liquidity and cashflow, in order to protect our business and to be prepared to return to fully implementing our strategy when the crisis is behind us.
Apr 30, 2020 at 19:11