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Porsche Reports Profit Increase

November 12, 1999

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.