BERLIN (Reuters) -Porsche AG on Wednesday reported a rise in operating profit of 10.7% to 3.85 billion euros ($4.25 billion) in the first half of the year and confirmed its forecast for the second half despite a “tense” global economic situation.
The luxury carmaker saw revenue jump 14% to 20.43 billion euros on 14.7% higher deliveries, signalling a recovery from the dent to output in the same period last year caused in part by lockdowns in China.
It was facing higher costs than last year in part due to marketing the Porsche Cayenne and digitalising its operations, but kept revenue up via consistent pricing on rising sales, it said.
The company had said in May it would raise prices by 4-8% in Europe and the U.S. in the second half to combat higher costs, which weighed on first quarter returns.
Its operating return on sales was 19.5% in the second quarter but 18.9% for the first half overall, below last year’s 19.4%.
“The global economic situation remains tense,” Porsche’s statement said, citing the ongoing challenge of securing parts, general rising costs and geopolitical tensions.
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(Reporting by Victoria Waldersee, Editing by Miranda Murray and Friederike Heine)
