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Porsche earnings rise
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January 18, 2002: 6:15 a.m. ET
European sports car maker sees 6-month net profit jump 27%
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LONDON (CNN) - German carmaker Porsche said on Friday first-half profit rose 27 percent as strong new-model sales eased the impact of an economic slowdown.
Porsche, Europe's most profitable carmaker, posted net income of  87.8 million ($77 million) for the six months ended January 31, up from 69.1 million in the same period a year earlier.
The Stuttgart, Germany-based company said it expected full-year profits to match the previous fiscal year.
Porsche said sales rose 6.3 percent to 1.83 billion in the first half, helped by strong sales of its new high-end 911 model. Unit sales rose 0.7 percent to 23,370 vehicles.
Sales of the 911 model were up 15.5 percent at 13,090 units, the company said, while sales of its entry-level Boxster model dropped 13.4 percent to 10,280 units.
"Demand for both models, particularly the new 911, is strong across the globe," Porsche said in a statement.
"Even if first half sales figures are not matched in the whole year 2001-2002 due to global economic uncertainty, the company expects full year pre-tax profits to be at least at the same level as in the previous year, thanks to a shift to higher value sports cars'.'
Porsche said it would continue to focus on increasing sales for the expensive 911, as the company attempts to ward off the effects of Germany's faltering economy.
Meanwhile, Porsche Chief Executive Wendelin Wiedeking said the company was considering listing on the New York Stock Exchange, said Reuters.
Wiedeking said at an annual shareholders' meeting on Friday that Porsche finance chief Holger Haerter had already held talks about a possible listing but no decision had yet been taken.
Porsche was removed from the MDAX index of German midcap stocks in September for refusing to publish quarterly earnings statements.
"The New Yorkers would like to have us on their exchange -- without quarterly reports," Wiedeking said.
Porsche shares were up 2.6 percent in midday trading in Frankfurt. 
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