Porsche eyes speedy 2010 sales

Frankfurt - German sports car maker Porsche said on Friday it expects to report a decline in revenue for the first half but to improve unit sales for the whole of the fiscal year, as the auto market continues to feel the effects of the economic downturn.

Porsche, based in Stuttgart, said at its annual general meeting on Friday that it expects a 3.3% decline in revenue to €2.9bn during the August-January period, from nearly €3bn in the year-ago period.

However, "On the basis of the strong performance in the second quarter, Porsche continues to assume that unit sales for the full fiscal year 2009 - 2010 will exceed the prior-year figure of 75 238 vehicles," Porsche said.

Porsche, whose fiscal year begins in August, did not release a net income forecast. The company's biggest shareholder is Volkswagen, Europe's largest carmaker.

Porsche said it expects to have sold 3.1% less cars for the first six-month period, or about 33 200 vehicles, despite unit sales dropping by a quarter during the first four months a year earlier.

The company said preliminary estimates show unit sales in North America dropped by about 16% during the first half to about 11 000 vehicles. Europe's unit sales declined about 6% to 10 200 vehicles.

In what Porsche classifies as "the rest of the world," the company said sales increased 18% to about 12 000 vehicles.

Porsche said the Cayenne, a sports utility vehicle, remains the best-selling model, despite a 22% decline in unit sales to 13 100.

Sales of the 911 sportscar fell 45% during the period to 7 400 units, while sales of the Cayman and Boxter will increase 14% to about 4 500 units for the first half of the fiscal year.

The Panamera sedan, which has been on sale since late 2009, has sold about 8 200 units, Porsche said.

Shares of Porsche were 3.6% lower at €40.20, while shares of Volkswagen were more than half a percent higher at €64.45 in Frankfurt afternoon trading.

- AP