Porsche profits rise by 10%
Profits at luxury carmaker Porsche have risen by more than 10% following high demand for its 911 model.
The company didn't release detailed figures for its 2002 earnings, but said pretax profit rose "considerably more strongly" than sales, which increased about 10% to €4.8bn during the year.
Increased demand for the company's 911 model has offset falling US sales of the lower-priced Boxster model.
The company has added extra shifts at its factory outside Stuttgart in Germany to increase production of the 911, which has higher profit margins.
Porsche says it's "decidedly optimistic" about the current year, when it will also launch its new Cayenne sports utility vehicle.
It added: "Porsche continued to steer a successful course largely unaffected by from the general economic weakness, in particular the economic slump in the United States."
The number of cars sold was little changed at 54,234 compared to 54,586 in the previous year.
