Porsche Cars Australia profits almost triple to $18.8m after tax
Porsche Cars Australia, the Australian importer of German manufacturer Dr. Ing. h.c. F. Porsche AG, has lodged papers with the industry regulator indicating an almost tripling of after-tax profits to $18,817,976 for calendar year 2014.
The profit figure almost trebles profits lodged for calendar year 2013 of $6,810,968 after tax. The figures indicate an increase in revenue of 36.5 per cent to $427,910,127, which comes on the back of record local sales for the Australian importer.
Industry figures released by VFACTS indicate that Porsche sales in Australia were up by almost 48.0 per cent in 2014 compared to 2013, with sales totalling 2812 units for the year.
In mid-2014 Porsche Cars Australia also increased pricing across most of its range (commensurate with specification level increases in some cases). Although modest, the pricing increase and strong pre-order list for the Macan would have helped contribute to the brand's strong profit increase.
Employing 141 people in Australia, the brand also increased marketing spend in calendar year 2014 by over $2 million, indicating a stronger push to market the brand's newer models, such as the Macan and refreshed Cayenne.
According to the financial report lodged with the regulator, the directors of Porsche Cars Australia suggest the outlook for calendar year 2015 is positive, courtesy of a "strong and fresh range", but also suggesting that a "slowing in the retail sector" could dampen consumer sentiment in the latter part of the 2015 calendar year.
Porsche sales are up a massive 61.0 per cent in Australia so far in 2015, to 2070 units year-to-date. Most of this extra volume comes from the Macan, which has managed 923 registrations so far.
Porsche Cars Australia declined to the comment on the results.
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