FRANKFURT, Germany (AP) - German sports and luxury carmaker Porsche SE said Wednesday the company saw an increase in revenue and unit sales in the first 10 months of its 2007-2008 fiscal year.
Porsche also said that it still intends to acquire a majority stake in German carmaker Volkswagen AG.
Porsche said for the period from Aug. 1, 2007, to May 31, the company's revenue increased by 0.7 percent to 6.02 billion euros ($9.33 billion) from 5.98 billion euros a year earlier, while unit sales increased 3.1 percent to a total of 82,025 vehicles, from 79,540 vehicles a year ago.
Stuttgart-based Porsche did not release net or operating profit figures.
The company's sales in Germany decreased 5.3 percent to 10,448 vehicles during the first 10 months of the year from 11,030 a year earlier. Sales in North America increased 2.1 percent to 28,267 vehicles from a year earlier, while sales in the "rest of the world" increased 6.1 percent to 43,310 vehicles.
Porsche said sales of its Cayenne sport-utility model saw strong growth, while sales of its Boxter including the Cayman model, as well as its 911 model, fell by more than 14 percent each.
Still, Porsche said that it "will build on the high sales level of the prior year," even though economic risks intensified throughout the world during the reporting period, above all due to the increase in the price of oil, the weak U.S. dollar and the risk of recession in the U.S.
"There is also no mistaking the risk that the downturn in the U.S. will also spread to other industrial countries like Japan and the United Kingdom," Porsche said in its report. "Within the euro zone - for instance Italy and Spain - signs of a slowdown are also emerging."
In addition, the company expressed confidence it could increase its more than 30 percent stake in Volkswagen to a full majority, despite an ongoing legal dispute involving the European Union and the German state of Lower Saxony.
"Through the upcoming acquisition of the majority of voting rights in Volkswagen AG, (Volkswagen) will become a subgroup of Porsche Automobile Holding," Porsche said in its statement.
Last year the European Court of Justice overturned a nearly 50-year-old German law that was enacted to protect VW from a hostile takeover. Germany has said it would comply with the ruling, but the EU opened legal proceedings over public authorities' role in the company again last month.
VW remains protected by a stipulation that requires a majority threshold of shareholders representing 80 percent of its stock, plus one share - effectively giving veto rights to Lower Saxony, which holds 20.09 percent in VW.
Lower Saxony announced Wednesday it had acquired additional shares to ensure that it retains that stake.
Shares of Porsche Automobil Holding SE rose 0.8 percent to 111.18 euros ($172.33) in Frankfurt trading Wednesday.
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