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Porsche Profits Accelerating Stronger Than 911 Turbo - 09/23/2002
Porsche released its latest fiscal statements, and in doing so indicated a pre-tax revenue increase of over 10% from the previous fiscal year. According to sources at Porsche, this increase was due to improved worldwide sales, including increased demand for the recently revised 911 Carrera and Targa models.
The Stuttgart-based company's only official comment about the sales increase was "Porsche continued to steer a successful course largely unaffected by from the general economic weakness, in particular the economic slump in the United States," which indicates that Porsche may be earning a larger worldwide presence.
Porsche insiders say that the after-tax profit rose "considerably more" than the gross revenue increase of 10%, but they won't say how much that increase was. Sales calculations, which ended on July 31, generated $4.7 Billion Euros for the automaker ($4.8 Billion US). In fiscal year 2001, Porsche's pre-tax profit was nearly $600 million Euros.
Despite the total overall sales slip (54,234 cars were sold in fiscal 2002, compared with 54,586 cars in 2001), Porsche remains optomistic, primarily due to its forthcoming venture into the Sport Utility Vehicle market (Cayenne).
More complete details are due out from Porsche in October of 2002.
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