Porsche CEO Sees Stable Earnings
14 Gennaio 2016 - 9:02AM
Dow Jones News
(FROM THE WALL STREET JOURNAL 1/14/16)
By Ilka Kopplin
DETROIT -- Porsche AG Chief Executive Oliver Blume said he
expects operating profit in the next few years to remain stable at
around the level of the past two years, given high investments,
speaking on the sidelines of the North American International Auto
Show in Detroit.
In December, Porsche's supervisory board approved 1 billion
euros ($1.09 billion) in outlays for the sports-car maker's
electric-car project. That followed approval over the summer of a 1
billion euro package to modernize production sites. Mr. Blume said
he couldn't rule out a decline in operating profit as a result, a
reversal for the brand that contributed a big chunk of parent
Volkswagen AG's profit in the past.
The brand's financial results could show some consolidation, Mr.
Blume cautioned, but noted that depending on market and currency
developments, operating profit could be slightly higher or lower
than the average level attained over the past two years.
In 2014, Porsche's operating profit was up 5.4% from a year
earlier, and jumped around 30% in the first nine months of 2015 to
2.55 billion euros.
Porsche ended the year on a positive note, he said. In the fall,
the company forecast considerably higher sales and operating profit
for the full year, compared with 2014. Deliveries, a proxy for
sales, were up about 19% in 2015, to 225,000 cars.
For 2016, Mr. Blume expects growth in deliveries in at least a
single-digit-percentage range.
Mr. Blume said he didn't expect parent Volkswagen AG's emissions
scandal to harm the brand's image.
Mr. Blume took the helm at Porsche AG from Matthias Mueller, who
was appointed chief executive of the Volkswagen group after the
scandal broke in September.
(END) Dow Jones Newswires
January 14, 2016 02:47 ET (07:47 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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