German car-maker Porsche reports sales jump, retains high-profit ranking

German luxury sports car-maker Porsche, which is being taken over by Volkswagen, has reported an 11.8 per cent jump in nine-month sales and retained its status as a leading profit-machine in the global auto industry.

Porsche said operating profit came to €600 million in the period from August through April, the first three quarters in its fiscal year, while sales climbed to €5.22 billion.

Its profit margin remained above 10 per cent, meaning it is still one of the most profitable auto manufacturers in the world.

Unit sales were stable meanwhile at 53,605 vehicles, a statement said.

The results concerned Porsche AG, which is 49.9 per cent owned by Volkswagen and handles the construction of models such as the 911, Cayenne and new Panamera.

The holding group Porsche SE, which in turn owns 32.2 per cent of the shares in Volkswagen, Europe's biggest carmaker, marked a pause meanwhile in its debt reduction programme.

On April 30, the holding company had debt of €6 billion, compared with €6.1 billion at the end of January.

When the holding company's 2008-2009 financial year ended on July 31, it was burdened with €11 billion in debt.

Porsche intends to raise at least €2.5 billion in fresh capital in the first half of 2011, the last stage before the car unit is taken over by VW and becomes that group's 10th brand.

VW is expected to pay €3.9 billion for Porsche.