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Stuttgart - German sports car maker Porsche said Tuesday that it expects to set a new profit record for the business year ending July 31.
Results for the first 10 months showed Porsche was on course to beat last year's record of €2.1bn ($2.8bn), chief executive Wendelin Wiedeking told an extraordinary general meeting in Stuttgart.
Special effects related to Porsche taking a controlling stake in Volkswagen contributed to the good performance, he said.
On the other hand, turnover and sales rose only marginally to €5.98bn from €5.96bn in the first 10 months of 2005-2006.
This was mainly due to the introduction of a new generation of the Cayenne, Porsche's first non-sports car, the company said.
Total sales of Porsche for the first 10 months were 79 540 vehicles, down fractionally from 79 564 in the corresponding period a year ago.
Tuesday's general meeting will see the company establish a new corporate holding structure. Porsche Automobil Holding SE will oversee the various businesses, including the one making Porsche cars, Dr Ing hc F Porsche AG.