Porsche Reports Profit Increase
STUTTGART, Germany (AP) _ German sports car maker Porsche said Friday its profit rose 35 percent in its latest fiscal year as sales rose 25 percent.
Porsche said it sold a larger number of its more expensive models. It also cited improved productivity due to a production line makeover and a parts-sharing program between its 911 and Boxster models.
Porsche earned 373 million marks, or $198 million, in the year ended July 30 compared with 277 million marks a year earlier.
The results were below analyst expectations of a profit of 423 million marks, however.
Revenue rose to 6.18 billion marks, or $3.3 billion, from 4.93 billion marks a year ago.
Porsche said the sales and earnings outlook is positive for its current fiscal year.