BERLIN (dpa-AFX) - Porsche Automobil Holding SE (POAHY.PK, POAHF.PK), German auto-major, on Wednesday reported a decline in net profit for the first-half, mainly due to decreased revenue, elevated costs and expenses.
The Group also noted that its sales revenue was impacted by lower product availability and value over volume strategy in China. However, a positive impact from increased pricing, beneficial mix, and foreign exchange limited a further decline in earnings and revenue.
For the six-month period, the automobile company recorded a net income of 2.153 billion euros or 2.36 euros per share, lower than 2.768 billion euros or 3.03 euros per share, posted for the same period last year.
Profit before tax stood at 3.095 billion euros as against 3.982 billion euros a year ago.
Operating profit slipped to 3.061 billion euros from previous year's 3.852 billion euros.
Distribution expenses were 1.379 billion euros, up from 1.293 billion euros in 2023.
Administrative expenses stood at 952 million euros, compared with 875 million euros last year.
Deliveries to customers fell by 6.8 percent, year-on-year basis, to 155,945 cars.
Sales revenue was 19.457 billion euros, lower than last year's 20.431 billion euros.
Citing a significant supply shortage of special aluminium alloys, Porsche now expects sales revenue of 39 billion euros to 40 billion euros, down from its earlier outlook of 40 billion euros to 42 billion euros.
Return on sales is now projected to be in the range of 14 percent to 15 percent, versus the previous expectation of 15 percent to 17 percent.
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