Porsche, VW Post Good Holdings First Half

German carmaker Porsche posted today its first half of the 2009/10 fiscal year operational report, showing a favorable operational trend of its holdings. One by one, Porsche Zwischenholding GmbH recorded a double-digit return on sales with an operating profit of 329 million euro.

Although revenue increased by 3.7 percent compared to the previous year, sales dropped to 33,670 vehicles in the first half of the fiscal year ending July 31, 2010.

Porsche SE is still struggling, expecting negative earnings before tax. The losses will include the deconsolidation of the Volkswagen group, the deconsolidation of the Porsche Zwischenholding GmbH as well as the use of the equity method in the consolidated financial statements of Porsche SE.

Overall, the profits of Porsche SE are expected to be diminished compared to the same period last fiscal year.

As for Volkswagen, the group is included in the half-yearly financial report of the Porsche SE with the result for the period from 1 July 2009 to 31 December 2009. It accounts in Porsche SE's books for 3,302,144 vehicles sold in the first half of the 2009/10 fiscal year and for a revenue of 54 billion euro (615 million euro operating profit).

Porsche Zwischenholding GmbH was used by Volkswagen to acquire a 49.9 percent shareholding in Porsche AG as a result of last year's industry turmoils. As a result of VW involvement, Porsche reduced it's 10 billion euros debt registered last year to 6.1 billion euro (as of 31 January 2010).