Nov 16th, 2007 by RJ Menezes
Porsche AG is on a roll. The legendary Stuttgart-based sports car manufacture announce it more than tripled it’s net profit for fiscal 2007, compared to last year. Porsche already makes more money per car than any other manufacture in the world, so this news just solidifies the company’s good fortunes.
Alot of this good fortune comes from the company’s 22 per cent stake in Volkswagen AG and strong results from its core business. Porsche said it earned $6.18 billion for the full year, up from 1.39 billion euros a year earlier. The revaluation in their stake in VW resulted in a one-time gain $759.27 million.
This also excludes the “high three-digit million euro development expenditure” for Porsche’s fourth model series, the Panamera, and for the hybrid drivetrain of the Cayenne sport utility vehicle all of which are key factors to Porsche’s continued success.
The future seems brighter than ever for the German sports car giant. With two new, and very important, future models on the horizon it seems Porsche is on it’s way to more good news.