Porsche Automobil Holding Announces €155M in Profit

Porsche Automobil Holding SE announced yesterday it made a €155 million ($205.3 million) net profit in the first three months of its fiscal year. This comes after the company registered a loss of €431 million ($561 million) in the same period of last year. Given the positive result, it also expects to produce positive earnings for the full year.

Last year’s earning includes the full consolidated figures from Volkswagen AG and Porsche Zwischenholding GmbH. Thus, getting a clear picture about how the company is doing is not easy. The company’s sales have been busted by the recent launch of the new-generation Porsche Cayenne SUV. In the period between August and October, sales of the large luxury vehicle amounted to a staggering 10,292 units.

Porsche's sports-car division also confirmed it will add a small crossover vehicle to its line-up as part of a broader effort to encourage sales in coming years. "The Cajun will attract new and even younger customers to the premium brand along with the Boxster," the company said.

Given that Porsche’s main focus in placed on the Cajun and the Cayenne, its sportscar unit is due to be integrated into Volkswagen, as the company's ten brand unification. Porsche agreed to a merger under VW leadership after its attempts to take over the German people’s brand failed because of debt issues.

Volkswagen also announced that Wolfgang Dürheimer will succeed Franz-Josef Paefgen as CEO of VW's Bentley and Bugatti luxury brands. Wolfgang Hatz,Volkswagen's head of power-train development, will take over responsibility for Porsche's research and development in addition to his current job.