Source AP ©

Porsche full-year profit more than triples

Porsche AG's net profit for fiscal 2007 more than tripled with help from a revaluation of its 22 percent stake in Volkswagen AG and strong results from its core business.

Porsche said it earned €4.24 billion (US$6.18 billion) for the full year, up from €1.39 billion a year earlier. The revaluation resulted in a one-time addition of €520.80 million (US$759.27 million).

Pretax profit for the year ended July 31 more than doubled to €5.86 billion (US$8.54 billion) from €2.11 billion in the prior fiscal year.

The Stuttgart-based automaker said the earnings contribution of its core business improved compared with last year, excluding special factors such as a "high three-digit million euro development expenditure" for Porsche's fourth model series, the Panamera, and for the hybrid drivetrain of the Cayenne sport utility vehicle. Another factor was the weaker level of hedging rates versus the U.S. dollar.

Porsche said in September that sales for fiscal 2007 rose 3.4 percent on the year to €7.4 billion (US$10.79 billion), helped by a better model mix. Car sales for fiscal 2007 totaled 97,515 compared to 96,794 a year earlier, the company said at the time.

Porsche proposes to increase its dividend to €21.94 (US$31.99) per common share from €8.94 last year and €22.00 (US$32.07) per preferred share from €9.00 in fiscal 2006. This will raise the total dividend payment to €384 million (US$559.8 million) for fiscal year 2007 after €157 million last year.

The annual general meeting is scheduled for Jan. 25 in Stuttgart.

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