Porsche automaker's global sales drop 28%

On Friday, German automobile manufacturer Porsche reported that its August-April sales saw a drop of 28%, to 53,635 vehicles, after demand for luxury vehicles plunged as a result of the ongoing global financial crisis.

The firm also reported the revenue in the first three quarters of its fiscal year, which was at 4.64 billion euros after having fallen 15%. The overall decrease in revenues was due, in large part, to the decrease in sales of the company's 911 model, which accounts for a significant portion of sales. The 911 unit sales were lower by 18% for the year.

"In the first nine months of the ongoing fiscal year, the Porsche subgroup could not avoid the downward trend that has overtaken the worldwide automobile industry," the automaker said.

"This is certainly no surprise, but the fact that there is no reference to earnings any more in the outlook could be seen as a negative sign," said an analyst for Sal. Oppenheim, Christian Breitsprecher, noting that the forecast "remains very unspecific".