Porsche Profits Rise 29 Percent

Bloomberg News reported that Porsche AG said Friday that fiscal full-year net income rose 29 percent on higher sales of its 911 Turbo and Boxster sports cars. The company also extended Chief Executive Wendelin Wiedeking's contract until 2007. Net income rose to 270.5 million euros ($239 million) in the year ended July 31 from 210 million euros the previous year. Sales rose 22 percent to 4.44 billion euros. The carmaker is increasing profit and sales, as are competitors Bayerische Motoren Werke AG and DaimlerChrysler AG's Mercedes-Benz unit, even amid economic slowdowns in their biggest markets, the U.S. and Germany. Porsche, which has the highest pretax profit margins of any carmaker, expects to further boost profit by selling more expensive versions of its models.