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Porsche profit rebounds in nine-month period after restructuring costs
BERLIN: Volkswagen’s embattled sports car maker Porsche on Tuesday reported a recovery in profit in the first nine months of the year, an early test of CEO Michael Leiters’ turnaround plan to downsize and retreat from China. Operating profit of €1.74 billion ($1.94 billion) followed a weak prior-year result of €40 million, when the carmaker was hit by €2.7 billion in costs largely related to its halted electrification strategy, the company said. “Even in a challenging market environment, Porsche is showing itself to be financially robust,“ Porsche finance chief Jochen Breckner said, ...
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