Porsche posts quarterly net profit of 155 million euros

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German luxury sports car maker Porsche posted on Monday a net profit of 155 million euros (203 million dollars) for the three months from August to October.

The result was difficult to compare with the same period a year earlier however owing to complex financial operations stemming from Porsche's pending takeover by Volkswagen.

Porsche said last week that sales in the three-month period, which is normally its first quarter, came to 2.06 billion euros.

In January, the company will shift its financial year to coincide with that of VW, which runs from January to December.

Porsche shareholders are to vote on Tuesday on a proposed capital increase worth five billion euros that would allow the auto manufacturer to reduce its heavy debt before being taken over by VW.

© 2010 AFP

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