Porsche Full Year Profits Soar 51% But Warns Sales Will Drop Over Next Year

Porsche SE, maker of the 911 sports car, said full-year profit surged 51 percent to a record because of gains in the value of its Volkswagen AG holding and said sales are likely to fall amid a ``serious setback'' in auto markets.

Net income in the 12 months through July 31 increased to 6.39 billion euros ($8.16 billion), or 35.95 euros a preferred share, from 4.24 billion euros, or 23.99 euros, a year earlier, the Stuttgart, Germany-based company said today in a statement.

``It is very difficult to make reliable statements on the course of the current business year,'' Porsche said. Porsche is therefore acting cautiously and will, if necessary, respond flexibly to any further economic upheavals.''

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