Porsche outlook improves as sales of Carrera climb
Thursday 17 March 1994
Porsche said first-half group sales were 'well over' its original forecast of DM920m. However, losses in the six months to 31 January were DM115m and were still likely to be between DM140m and DM150m for 1993/4, compared with DM239m in the previous year.
News of the improving sales picture came with a DM201m issue of a mixture of preferred and ordinary shares.
The company's founding families, Porsche and Piech, who own all of Porsche's ordinary shares, accounting for half of the car maker's share capital, will be subscribing for their new entitlements.
Porsche said it still hoped to be in the black in 1994/5 after extensive cost-cutting. According to Wendelin Wiedeking, chief executive, it will not be until 1996/7 when acceptable profits will be made again. By then it should have launched its low-priced, two- seater Boxster sports car.
Porsche has cut its production workforce by 40 per cent to counter the problem of uncompetitiveness in its US export market. It expects to reduce the number employed in the group by 20 per cent to 6,800 by the end of July.
At its peak in 1986, Porsche sold almost 50,000 cars, half of them in the US. It expects sales of more than 16,000 in the current year.
Children's bookseller wins The Independent's new author search
Board creates magnetic field to achieve lift
- 1 Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
- 2 Banksy arrest hoax: Internet duped by fake online report claiming artist's identity has been revealed
- 3 Former East 17 frontman Brian Harvey turns up at Downing Street and 'demands to speak to Prime Minister'
- 4 Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
- 5 Paralysed man Darek Fidyka walks again after treatment by British doctors on brink of 'cure'
Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
Oscar de la Renta dead: Legendary US fashion designer dies after long cancer battle aged 82
Oscar Pistorius: The brutal prison life that awaits disgraced athlete
Banksy arrest hoax: Internet duped by fake online report claiming artist's identity has been revealed
Super-sized ships arrive in Britain: How big can they get?
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
Jose Manuel Barroso warns David Cameron against making 'historic mistake' over immigration reforms
Worst Airports of 2014: Poll names Islamabad airport in Pakistan worst in the world
iJobs Money & Business
£23000 per annum + pension and 22 days holiday: Ashdown Group: An established ...
£27000 per annum + pension, 22 days holiday: Ashdown Group: An established ind...
£23000 - £26000 Per Annum: Clearwater People Solutions Ltd: Our client is curr...
£25 - 30k: Guru Careers: A Corporate Actions Administrator / Operations Admini...