STUTTGART (dpa-AFX) - Porsche AG (POAHY.PK, POAHF.PK), which holds majority stake of German automaker Volkswagen AG (VKW.L, VLKAF.PK, VOW.BE), reported Friday higher operaing profit and sales in its first nine months of fiscal 2022. Further, the company confirmed its fiscal 2022 targets.
In the morning trading in Germany, Porsche shares were losing around 3 percent to trade at 55.82 euros.
In the nine-month period, Group operating profit was 5.05 billion euros , an increase of 40.6 percent from 3.59 billion euros last year.
It achieved Group return on sales of 18.9 percent, compared to previous year's 15.5 percent.
Porsche's Group sales revenue increased 15.7 percent to 26.74 billion euros from 23.12 billion euros last year.
The company said the increase in sales revenue was mainly driven by an attractive product mix with significantly higher proceeds per vehicle, exchange rate effects and higher Group sales volumes.
By the end of the third quarter of 2022, Porsche achieved a slight increase in deliveries. In total, the Porsche Group delivered 221,512 vehicles to customers, a 2 percent increase from last year's 217,198 deliveries.
Looking ahead, Porsche confirmed its outlook for the full year 2022 despite the significant global challenges presented by disruptions to global supply chain and parts availability for production.
The compani continues to expect full-year return on sales to be in the range of 17 to 18 percent. The s outlook remains unchanged despite the newly announced employee IPO bonus to be paid in the fourth quarter of 2022.
Over the medium term, Porsche confirms its return on sales target in a range of approximately 17 to 19 percent. The company said its long-term ambition continues to be to achieve Group return on sales of more than 20 percent.
The company is also working towards achieving a net carbon-neutral value chain in 2030 and a net carbon-neutral use phase for future BEV models.
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