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Porsche announces revenue drop

Porsche announced yesterday their revenues had dropped by 15 per cent.

The German car maker said it expected turnover in the four months to the end of November to come in below £1.6 billion, reports the Financial Times.

It also expected unit sales to fall by 18% in the same period.

Despite the carmaker's predictions, Porsche recorded record profits and revenue for the year to July 31, boosted by the paper gain in the value of its VW shareholding.

Porsche Group profit rose 46% to £7.16 billion which execeeded the company's £6.24 billion revenue from making sports cars.

Meanwhile Porsche has delayed its planned takeover of Volkswagen because of falling sales, according to the BBC website.

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