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Porsche first-half profits rise 6.3%

Porsche has announced that earnings in the first half of its financial year increased 6.3% as sales of the Cayenne sport-utility vehicle grew and the company introduced a new 911-model sports car.

Net income in the six months through January 31 rose to €127.1m (£87.6m) from €119.6m (£82.4m) a year earlier, Porsche said today, more than the preliminary €125m (£86.1m) announced in January.

The prestige carmaker introduced new versions of the 911 and Boxster sports cars in 2004 to win buyers and reach a target of selling 100,000 vehicles annually in three years.

Porsche, which has increased profit 10 years in a row, expects fiscal-2005 vehicle sales to rise to more than 80,000 units. Porsche will introduce a sports car called the Cayman, based on the Boxster, later this year.

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