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Porsche Records Ninth Record Year

Porsche, the world's most profitable carmaker, recorded an increase in pre-tax profit of 13 percent in 2002/03, making it the company’s ninth record year, Reuters reported on Wednesday. Porsche said in the report that it expected higher sales and revenues in its current year to the end of July 2004. Pre-tax earnings for the sports car giant’s last business year came in at €933 million ($1.1 billion), while net profit rose 22 percent to €565 million. The latest record result was attributed to the successful introduction of the two-ton Sports Utility Vehicle (SUV), the Cayenne. The SUV, which was launched to bridge a slowdown in demand for the 911 and Boxster, helped lift revenues by 15 percent to €5.6 billion in 2002/03, while unit sales rose 23 percent.