Porsche, the luxury carmaker, has reported that its restructuring measures are starting to show positive results, despite facing multiple challenges. The company, majority-owned by Volkswagen, has been working intensively on its strategy since the start of the year.
Financial Results
Porsche’s group operating profit grew by 34% to €1.35 billion in the first half of the year, with an operating return on sales of 7.8%. However, revenue slumped 5% due to various factors, including U.S. tariff charges and weak sales in China.
CEO Michael Leiters stated that the company has made significant progress, but warned that there is still much work to be done. A new package of job cuts, totaling around 9,000 positions or 20% of the workforce, is expected to impact second-half results.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
