Porsche division turnover doubles

TURNOVER AT an Irish division of Porsche that provides financial and treasury services to the global car company almost doubled last year to €104.9 million.

Accounts for the year ended December 31st, 2011, show that turnover at Porsche International Financing Limited increased from €56.6 million in 2010 to €104.9 million last year. Pretax profits jumped from just over €53,000 to €2.57 million in 2011.

Porsche International Financing Ltd has no employees in Ireland, according to the accounts. Its registered office is at 1 Exchange Place, the IFSC, Dublin.

The company paid €216,000 in Irish corporation tax last year.

The German luxury car company had a strong year in terms of sales in 2011.

Last year it sold more than 118,000 vehicles, the first time it sold more than 100,000 vehicles in a fiscal year. However, only a handful of new Porsche cars are sold in Ireland each year.

Earlier this year, a protracted proposed merger plan between Porsche and Volkswagen, which already owns a significant share of Porsche, broke down.

Porsche International Financing provides funding and take deposits from different companies in the Porsche group. During the year, the investment return from the proceeds of bonds exceeded bond interest payable, with the company returning an interest margin of 2.55 per cent.